Assuming that Hauswirth receives $50,000 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale. $ 8,000 2 Recognized Gain/(Loss) Character of Recognized Gain/(Loss) Ordinary Gain/(Loss) $8,000 $1231 gain/(loss) Assuming that Hauswirth receives $20,000 in cash in year 0 and a $50,000 note receivable that is payable in year 1, compute the amount and character of Hauswirth's gain in year 0 and in year 1. (Round "Gross Profit Percentage" to 2 decimal places.) Description Amount Character $ 70,000 Amount Realized Original Basis Accumulated Depreciation Adjusted Basis Gain (Loss) Realized Depreciation Recapture Gain Eligible for Installment Reporting Gross Profit Percentage Installment Gain (Loss) in year 0 Installment Gain (Loss) in year 1 $ 65,000 $ 23,000 $ 42,000 $ 28,000 $ 23,000 $ Ordinary Income (5,000) 7.14 % Section 1231 gain Section 1231 gain $ 3,570