How much capital gains tax must brown pay on two installment

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Problem

In January of Year 3, Brown, a single taxpayer, sold land he had owned for many years on the installment basis. Installments are to be made semiannually on the first day of March and September. $30,000 of each installment represents Brown's profit. Brown's taxable income is $200,000 for Year 15. Get the instant assignment help. How much capital gains tax must Brown pay on the two installments he receives in Year 15?

Reference no: EM134007288

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