$(1)$

Required information

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Hart, an individual, bought an asset for $$500,000$ and has claimed $$100,000$ of depreciation deductions against the asset. Hart has a marginal tax rate of $32$ percent.

Answer the questions presented in the following alternative scenarios $($assume Hart had no property transactions other than those described in the problem$)$:

Note: Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answers blank. Enter zero if applicable.

Required:

b$1.$ What are the amount and character of Hart's recognized gain or loss if the asset is tangible personal property sold for $$550,000?$

b$2.$ What effect does the sale have on Hart's tax liability for the year?

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Required

Required b$2$

What are the amount and character of Hart's recognized gain or loss if the asset is tangible personal property sold for $$550,000?$

$\backslash$table$[[$Problem$,$Amount$],[$Total Gain or $($Loss$)$ Recognized,$],[,],[$Remaining $1231$ gain or loss,$]]$