steve sells a rental house on jan. 1, 2012 , and receives $130,000 cash and a note for $55,000 at 10% interest. the purchaser assumes the mortgage ont the property of $45,000 steves adjusted basis in the house is $152,000 and he collects only $130,000 down payment in the year of sale, 1. If steve elects to recognize the total gain on the property in the year of sale, calculate the taxable gain. 2.Assuming steve uses the installment sale method, complet form 6252 for the year of sale 3, Assuming steve collects $5,000 (not including interest) of the note principal in the year following the year of sale, calculate the amount of imcome recognized under the installment sale method.
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