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On January 1, 2017, Seller Corp and Buyer Corp closed on the sale of land and vacant warehouse for $60,000,000 with the following payment terms: Buyer Corp paid $8,000,000 at closing. Buyer Corp assumed $24,000,000 in existing mortgage debt. Buyer Corp will issue Seller Corp. note with adequate interest that requires principal payments to Seller Corp. of $7,000,000 to Seller Corp on January 1, 2018, 2019, 2020, and 2021. Seller has owned the property for many years, and has tax basis in the land and building of $16,000,000. Compute the impact that this transaction will have on taxable income of Seller Corp. for the tax years 2017 -2021 assuming no special elections are made?
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