If the federal rate is 11%, then interest will not be imputed. If the federal ra

Question

       If the federal rate is 11%, then interest will not be imputed.
       If the federal rate is 12%, then interest will not be imputed.
       If the federal rate is 8.5%, then interest will be imputed at 9%.
       If the federal rate is 10%, then interest will be imputed at 9%.
       None of the above

Paul sold land (a capital asset) to his friend Gregory for $2 million cash and a 6% note for $2 million due in 2 years. His basis in the land was $200,000. Which of the following statements is correct? (Points : 5)

Explanation / Answer

None of the above

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