Jasmine sold land for $250,000 in 2017.The land had a basis of $118,000 and she incurred selling expenses of $10,000.Jasmine received $50,000 cash down in 2017 and will receive five additional annual payments of $40,000 each.What is Jasmine's gross profit percentage on the sale?

A) 47.2%.
B) 48.8%.
C) 51.2%.
D) 100.0%.

Gross profit on the sale is calculated as the selling price minus the basis and selling expenses. Here, the selling price is $250,000, the basis is $118,000, and the selling expenses are $10,000. Thus, the gross profit is $250,000 - $118,000 - $10,000 = $122,000. The gross profit percentage is the gross profit divided by the selling price, or $122,000 / $250,000 = 48.8%.