Million gain on the sale of investment land

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Reference no: EM13281457

Wheelie Corporation is a calendar year taxpayer. For the past nine years its taxable income has been stable, averaging $2 million per year. Through November of this year, its taxable income was $1.81 million. In April, June and September, Wheelie made a $175,000 installment payment of tax. In December, it recognized a $5 million gain on the sale of investment land.

Reference no: EM13281457

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