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David Dickens sold a piece of land on an installment sale basis to Chuck Quarters on October 1, Year 1. David's basis in the land was $150,000 and Chuck purchased it for $1,500,000; payable in three annual installments of $500,000 on Dec. 31, Year 1, Year 2 and Year 3. How much gain should David report in his Year 1 tax return?
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