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LSDefine

Simple English definitions for legal terms

installment sale

Read a random definition: Presumption

A quick definition of installment sale:

An installment sale is when someone sells something and receives at least one payment after the year of the sale. This type of sale is governed by a law called section 453. People who use an installment sale can report how much money they made in parts, after they receive each payment. But not all sales can be installment sales, and some people choose not to use this method. If someone sells things regularly, they can't use an installment sale. And if someone loses money on a sale, they can't use this method either.

A more thorough explanation:

An installment sale is a type of property sale where the seller receives at least one payment after the tax year of the sale. This means that the buyer pays for the property over time, rather than all at once. The IRS has specific rules for how installment sales are taxed.

For example, if someone sells a piece of property for $100,000 and the buyer pays $20,000 per year for five years, this would be an installment sale. The seller would report part of the gain from the sale each year, based on how much they received in payments.

It's important to note that not all sales qualify for the installment sale method. For example, if someone regularly sells a certain type of property, those sales would not qualify. Additionally, if a sale results in a loss, the installment method cannot be used.

installment contract | instance and expense test

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JumpySubsequentDolphin
10:42
@GreyCeaselessMammoth: there isn’t much sun here ☹️
10:42
shaq is rite, gotta stay on top if this shit.
PuppyBot
10:42
pigmentation reduces vitamin D production in the skin
JumpySubsequentDolphin
10:42
also yeah Arabs are like perpetually vit d deficient. we get those big bulk pill bottles for everyone in my family
GreyCeaselessMammoth
10:43
that's so interesting, i have a lot of arab family but i haven't heard of that
GreyCeaselessMammoth
10:43
i guess it makes sense
JumpySubsequentDolphin
10:43
@shaquilleoatmeal: I still think that would hurt my stomach
lilypadfrog
10:43
@shaquilleoatmeal: quarterly is crazy I haven’t gotten a physical in over three years
PuppyBot
10:43
median vitamin D intakes of American blacks are below recommended intakes in every age group, with or without the inclusion of vitamin D from supplements.
JumpySubsequentDolphin
10:43
@GreyCeaselessMammoth: NO WAY!! from where mammoth
GreyCeaselessMammoth
10:44
egypt! wa usratik mineyn?
indian people are also vitamin d deficient lolol
cumsock
10:44
i want a burgerrrrrrrrrr cheesy burger double patty bacon pickles
10:44
i am vitamin d deficient lol
PuppyBot
10:44
no pickles
JumpySubsequentDolphin
10:45
@GreyCeaselessMammoth: I LOVE EGYPTIAN ARABIC IT KILLS ME
JumpySubsequentDolphin
10:45
im palestinian
shaquilleoatmeal
10:45
@lilypadfrog: lmao, i get vo2 testing done at a lab and they offer it so i just do it. Also wtf havent u gotten a physical in so long?!
GreyCeaselessMammoth
10:45
JUMPYYYY we're neighbors!!
cumsock
10:45
what if ur irish and u are pale enough to reflect light does that mean ur deficient
@GreyCeaselessMammoth: i eat mostly whole foods now on my day to day and its the best
PuppyBot
10:45
maybe. i also burn. so i dont get how im deficient
GreyCeaselessMammoth
10:46
well i'm white but my stepdad is egyptian so i've been there a bunch and raised in a multi-gen egyptian household
10:47
Bio Chemistry is odd, some ppl just cannot absorb certain nutrients/vits. Like some calcium deficient ppl actually loose more calcium when they increase intake.
10:48
also some ppl are hyper sensitive to hormones/vit/nutrients.
JumpySubsequentDolphin
10:48
@GreyCeaselessMammoth: love my masris
JumpySubsequentDolphin
10:48
@PuppyBot: I burn bad i don’t get it either
cumsock
10:49
i burn worse
shaquilleoatmeal
10:49
deficiencies are one thing, what scares me the most is if i ever became antibiotic resistant
GreyCeaselessMammoth
10:50
i'm going again to egypt this summer, i think it'll be my last time for a while, at least until after law school
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