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Corporation C sold the following long-term assets in the current year: Cost A/D A/B Proceeds Office Building $1,000,000 ($256,400) SL $743,600 $975,000 Warehouse 600,000 (76,900)

Corporation C sold the following long-term assets in the current year:

Cost A/D A/B Proceeds
Office Building $1,000,000 ($256,400) SL $743,600 $975,000
Warehouse 600,000 (76,900) SL 523,100 335,000
Equipment 100,000 (50,000) 50,000 75,000
Furniture and Fixtures 30,000 (30,000) 0 37,000
Auto 60,000 (15,000) 45,000 35,000

Compute the following for corporation C:

1. Net Section 1231 G/(L) after considering all depreciation recapture provisions;

2. Resulting net ordinary gain or (loss) after characterizing the net Section 1231 G/(L) properly;

3. Resulting net capital gain or (loss) after characterizing the net Section 1231 G/(L) properly.

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