Comprehensive Problem $11-69($LO $11-1,$ LO $11-2,$ LO $11-3,$ LO $11-4,$ LO $11-5,$ LO $11-6)($Algo$)$

Hauswirth Corporation sold $($or exchanged$)$ a warehouse in year $0.$ Hauswirth bought the warehouse several years ago for $$72,500,$

and it has claimed $$24,800$ of depreciation expense against the building.

Required:

a$.$ Assuming that Hauswirth receives $$59,700$ in cash for the warehouse, compute the amount and character of Hauswirth's

recognized gain or loss on the sale.

b$.$ Assuming that Hauswirth exchanges the warehouse in a like$-$kind exchange for some land with a fair market value of $$59,700,$

compute Hauswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land.

c$.$ Assuming that Hauswirth receives $$26,500$ in cash in year $0$ and a $$57,000$ note receivable that is payable in year $1,$ compute the

amount and character of Hauswirth's gain or loss in year $0$ and in year $1.$

Complete this question by entering your answers in the tabs below.

Assuming that Hauswirth receives $$59,700$ in cash for the warehouse, compute the amount and character of Hauswirth's

recognized gain or loss on the sale.

Note: Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Round your final

answers to the nearest whole dollar amount.