Sole proprietor sold 50% of business and is now a partnership.

Total value of sole proprietorship $600,000.00

Sold 50% to buyer for $295,000.00

Received $15,000.00 down, leaving a balance of $280,000.00

In the purchase agreement it states the following:

                The sale shall be treated as an installment sale, including 3 separate payments.

                First payment of $93,333.33 due December 31, 2020.

                Second payment of $93,333.33 due December 31, 2021.

                Third payment of $93,333.34 due December 31, 2022.

                The sole proprietor is personally financing each installment with a promissory note with interest of 6.25% per annum, computed quarterly for a term of 15 years.

The sole proprietor doesn’t want to spread the gain over 15 years and wants to do it in 3 years.  Can the sole proprietor spread over 3 years even though he is financing the payments?  He knows he will include interest over the 15 years for each promissory note.