12 tbs.TBSRC00368_0220 TBSRC00368 Gain/Loss Mike is single and owns Basketball Products Company (BPC), which began operations in 2008. The business has always been reported as a sole proprietorship on Mike's tax return. Mike manufactures and sells a variety of basketball products, including balls, uniforms, shoes, and instructional equipment. BPC's balance sheet as of January 1, 20XX, includes the following assets: Asset Cash Adjusted Basis Fair Market Value Holding Period Accounts Receivable $15,000 0 $15,000 N/A $10,000 2 months Inventory $65,000 $80,000 15 months Truck $15,000 $12,000 5 months Equipment $34,000 $60,000 3 years Computer $3,000 $2,500 4 months Factory Building $260,000 $360,000 4 years Unimproved Land - Parking Lot $15,000 $13,000 3 years Unimproved Land - Investment $18,000 $40,000 1 year Note that the parking lot is used in BPC's business operations. Mike also owns tl Screenshot -business assets: Boat $35,000 $10,000 3 years Personal Residence $210,000 $500,000 12 years Assume all of the assets shown were sold on January 1, 20XX. In the Character of Gain/Loss column, click the associated cell to select the term or phrase that indicates what the character of the gain or loss from the sale of each asset would be. Ignore the impact of any potential depreciation recapture. BPC Assets Account Receivable Inventory Truck Equipment Computer Factory Building Unimproved Land - Parking Lot Unimproved Land - Investment Personal Assets Boat Character of Gain/Loss Character of Gain/Loss Screenshot 0000000 select the term or phrase that indicates what the character of the gain or loss from the sale of each asset would be. Ignore the impact of any potential depreciation recapture. BPC Assets Account Receivable Inventory Character of Gain/Loss Truck Equipment Computer Factory Building Unimproved Land - Parking Lot Unimproved Land - Investment Personal Assets Boat Personal Residence Give feedback Screenshot Character of Gain/Loss