Taxpayer modified installment sale in 2020 by lowering sale price by $10,000. I reviewed Pub 537 which showed that a new gross profit percentage needs to be calculated, which I did. My question is this - does Part 1 of the form 6252 remain as originally submitted or should I lower the sales price by the $10,000 and change cost or other basis of property by the principal payments to date due to modification?
Peggy Sioux
Peggy Sioux