Chuck owns an office building and land that are used in his trade or business. The office building and land were acquired in 1978 for $1,100,000 and $120,000, respectively. During the current year, the properties are sold for $1,220,000 with 35% of the selling price being allocated to the land. The assets as shown on the taxpayer's books before their sale are as follows: (Click the icon to view the assets on the taxpayer's books before their sale.) Read the requirements. Requirement a. What is the recognized gain due to the sale of the building? The recognized gain due to the sale of the building amounts to Data table Building Requirement b. What is the character of the recognized gain due to the sale of the building? (Enter a "0" for any zero balances.) Of the recognized gain from Part a, is Sec. 1250 ordinary income and Accumulated depreciation 1,100,000 1,030,000 (a) $ is Sec. 1231 gain. Land 70,000 120,000 (a) If the straight-line method of depreciation had been used, the accumulated depreciation would be $910,000. Requirement c. What is the recognized gain and character of the gain due to the sale of the land? What is the recognized gain due to the sale of the land? The recognized gain due to the sale of the land amounts to What is the character of the gain due to the sale of the land? (Enter a "0" for any zero balances.) Of the recognized gain from sale of the land, is Sec. 1250 ordinary income and is Sec. 1231 gain. Requirements Print Done a. What is the recognized gain due to the sale of the building? b. What is the character of the recognized gain due to the sale of the building? c. What is the recognized gain and character of the gain due to the sale of the land? Print Done - X