Copper Industries (a sole proprietorship) sold three 1231 assets during 2023. Data on these property dispositions are as follows: Accumulated Asset Cost Acquired Depreciation Sold For Sold On Rack $110,000 10/10/20 $70,000 $55,000 10/10/23 Forklift 45,000 10/16/19 21,000 15,000 10/10/23 Bin 97,000 03/12/22 31,000 60,000 10/10/23 If an amount is zero, enter "0". a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. Asset Character of Gain or Loss Total Amount of Gain or Loss Amount of 51245 Recapture Balance of Gain or Loss Rack Ordinary income 55,000 x Forklift 1231 loss 40,000 X Bin $1231 loss Copper has due to 5 1245 recapture and s 10X 1231 Copper has s due to 1245 recapture and s 0x of 5 1231 Feedback Check My Work Section 1245 applies primarily to non-real-estate property such as machinery, trucks, and office furniture. The Code contains two major recapture provisions, 551245 and 1250. These provisions cause gain to be treated initially as ordinary gain b. Assuming that Copper has $6,000 nonrecaptured net $ 1231 losses from prior years, analyze these transactions and determine the amount (if any) that will be treated as a long-term capital gain. Check My Work Foodback Oleck My Wak Partially corect