TaxGuyBill
Level 15
07-08-2020
04:29 PM
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Are you saying that he received $800,000-ish in cash?
If so, the first $800,000-ish of the gain is taxable. Only any gain after that is deferred. When the taxpayer receives any non-like-kind property (such as cash), that part of the gain is taxed first.
Does that solve it for you?