Mason cancelled a note issued by Emma Mason's niece that arose in connection with the sale of property at the time of cancellation the note had a basis to Mason of $30,000 a face amount of $55,000 and a fair market value of $42,000. Presuming that the initial sale by Mason qualify as an installment sale the cancellation results in a gain of ___.
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Home » Business » Mason cancelled a note issued by Emma Mason's niece that arose in connection with the sale of property at the time of cancellation the note had a basis to Mason of $30,000 a face amount of $55,000 and a fair market value of $42,000.