Fed Tax

Please answer the questions above! Fed tax

28. Kathleen owns a building that she uses in her business. She purchased the building in 2015 for $300,000. On 20 August 2018, Kathleen sells the building for $350,000 and pays $10,000 in selling expenses. As of the date of sale, Kathleen as deducted $23,075 in depreciation. Determine the amount and character of Kathleen's gain or loss on the sale of the building. a. $23075 section 1245 recapture. S50.000 section 1231 gain b. $23,075 unrecpatured section 1250 gain, $40,000 section 1231 gain . $23,075 unrecaptured section 1250 gain, $50,000 section 1231 gain d. $63,075 unrecpatured section 1250 gain e. $73,075 section 1245 recapture 29. Bjorn runs a sole proprietorship and has reported the following net section 1231 gains and losses since the business began. Determine the amount of Year 7 gain that is treated as ordinary income. 1231 GAN LOSs (20,000) (5,000) 7,000 10,000 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 2,500 10,000 c. $5,000 d. o a. $10,000 b. $5,500 30. Winslow owns beachfront land that he uses in his business. The property's fair value $250,000, and Winslow's basis in the land is $150,000. Winslow is approached by a r estate agent representing a client who would like to exchange a parcel of nearby land Winslow's beachfront and he receives the agrees to the e property. Winslow nearby land, valued at $200,000, plus $50,000 in cash. Determine the amount of ga Winslow must recognize on the exchange and his basis in the new property a. $100,000 gain recognized, $150,00 basis in new land b. $100,000 gain recognized, $200,000 basis in new land c. $50,000 gain recognized, $200,000 basis in new land d. $50,000 gain recognized, $150,000 basis in new land e. $0 gain recognized, $150,000 basis in new land