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Aug 292020

The seller’s tax liability that comes from a purchase that is reported beneath the installment method is incurred upon the seller’s receipt of payment; thus, you have to be able to recognize whenever this type of re payment was gotten.

The term “payment” includes the actual or constructive receipt of money by the seller for purposes of the installment method. Xv

Receipt of a proof of indebtedness that will be guaranteed straight or indirectly by money or perhaps a money equivalentxvi shall be treated given that receipt of re re payment.

The vendor has wholly transformed their attention within the property sold to money, or they’ve been offered the directly to immediately get money, or these are generally guaranteed of getting cash – these are generally in real or constructive receipt regarding the money. Xvii in all these circumstances

The seller is treated, in these instances, as having received payment of the amount specified in the promissory note or other evidence of indebtedness because there is no credit risk associated with holding the buyer’s note and awaiting the scheduled payment(s) of principal. Continue reading »