Dexter owns a large tract of land and subdivides it for sale. Assume that Dexter meets all of the requirements of 1237 and during the tax year sells the first eight lots to eight different buyers for $22,000 each. Dexter's basis in each lot sold is $15,000, and he incurs total selling expenses of $900 on each sale.

If an amount is zero, enter "0".

Dexter has a realized and recognized gain of $, of which $ is classified as ordinary income and $ as a capital gain.