Ed operates a storage business as a sole proprietorship and owns the following assets acquired in 2000: (Click the icon to view the assets.) The FMV of the warehouse and the land are $500,000 and $200,000, respectively. Ed owns 75% of the stock of the Crane Corporation. Read the requirement. Data Table a. Determine the recognized gain and its character due to the sale of the building. Recognized Character of the gain gain Warehouse $ 400,000 (230,000) Minus: Accumulated depreciation Adjusted basis Land $ 170,000 65,000 Requirement Print Done If he sells the two assets to Crane at a price equal to the FMV of the assets, determine the recognized gain and its character due to the sale of the: a. Building b. Land Print Done Ed operates a storage business as a sole proprietorship and owns the following assets acquired in 2000: (Click the icon to view the assets.) The FMV of the warehouse and the land are $500,000 and $200,000, respectively. Ed owns 75% of the stock of the Crane Corporation. Read the requirement. Data Table a. Determine the recognized gain and its character due to the sale of the building. Recognized Character of the gain gain Warehouse $ 400,000 (230,000) Minus: Accumulated depreciation Adjusted basis Land $ 170,000 65,000 Requirement Print Done If he sells the two assets to Crane at a price equal to the FMV of the assets, determine the recognized gain and its character due to the sale of the: a. Building b. Land Print Done