An installment sale
I. occurs whenever property is sold and at least one payment is received in a tax year subsequent to the year of sale.
II. may be disregarded by a taxpayer who elects to recognize the entire gain in the year of sale.
III. triggers a method of income recognition based upon the wherewithal-to-pay concept.
IV. allows businesses that sell inventory on credit to defer
recognition of income until payment is received.
a. Only statement I is correct.
b. Only statements I, and II are correct.
c. Only statements I, II, and III are correct.
d. Only statements I and IV are correct.
e. Only statements II, III, and IV are correct.
c
Business
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What will be an ideal response?
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