On July 1,2016,dj Sold Equipment Used in Her Business and Reported

Question 70
Short Answer

On July 1,2016,DJ sold equipment used in her business and reported the gain using the installment method.Her adjusted basis in the equipment was $150,000.The equipment was subject to $30,000 of depreciation recapture.DJ sold the property for $250,000,with $100,000 due on the date of the sale and $150,000 plus interest at the Federal rate)due on August 1,2017.What is the amount of gain recognized in 2016?