Bobby Knights Corporation (a C corporation) disposed of the following assets, all Section 1231 property, during 2020: (20 points)

Asset	Deprec. Method	Cost	Accum. Deprec.	Adj. Basis	Sale Price
Equipment Building Land	MACRS DDB MACRS - SL N/A	$50,000 $100,000 $40,000	$20,000 $20,000 $0	$30,000 $80,000 $40,000	$40,000 $115,000 $70,000

a. How much is Knights Section 1245 ordinary income recapture for 2020? How much is Knights Section 1250 ordinary income recapture for 2020?

b. How much is Knight's net Section 291 ordinary income recapture for 2020? How much is Knight's net Section 1231 gain (loss) for 2020?

c. If Knights only non-recaptured Section 1231 loss is $10,000 from 2019, what is the character of Knights 2020 net Section 1231 gain (loss)? If Knights only non-recaptured Section 1231 loss had been $100,000 from 2019, what would be the character of Knights 2020 net Section 1231 gain (loss)?

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