Frank Willingham has the following transactions during the year:Sale of office equipment on March 15 that cost $78,200 when purchased on July 1, 2017. Frank has claimed $15,640 in depreciation and sells the asset for $46,920 with no selling costs.Sale of land on April 19 for $166,800. The land cost $183,480 when purchased on February 1, 2008. Frank's selling costs are $33,360.Assume there were no capital improvements on either business asset sold. Frank's Social Security number is 924-56-5783.Complete Form 4797 to report the above gains or losses.Needing help with (f) cost or basis plus improvement and expense of sale

8 Project eBook Calculator Print Item Department of the (2) ) Treasury Internal - Attach to your tax return. Revenue Service Go to www.irs.gov/ Form4797 for instructions and the latest information. Name(s) shown on return Identifyi Frank Willingham 924-56-5 1 Enter the gross proceeds from sales or exchanges reported to you for 2019 on Form(s) 1099-B or 1099-S (or substitute statement) that you are including on line 2, 10, or 20. See instructions . . Part I Sales or Exchanges of Property Used in a Trade or Business and Involuntary Conversions Fro or Theft-Most Property Held More Than 1 Year (see instructions) (a) (b) Date 2 Description acquired (mo., (c) Date sold (d) Gross (e) Depreciation (f) Cost or other basi (mo., day, yr.) plus improvements ar of property day, vr.) sales price allowed or allowable since acquisition expense of sale Office equipment 07/01/17 03/15/19 46,920 15,640 Land 02/01/08 04/19/19 166,800 3 Gain, if any, from Form 4684, line 39 A Section 1231 gain from installment sales from Form 6252, line 26 or 37 Section 1231 gain or (loss) from like-kind exchanges from Form 8824 5 6 Gain, if any, from line 32, from other than casualty or theft Combine lines 2 through 6. Enter the gain or (loss) here and on the appropriate line as follows . . Partnerships and S corporations. Report the gain or (loss) following the instructions for Form 1065, Schedule K, line 10, or Form 1120-S, Schedule K, line 9. Skip lines 8, 9, 11, and 12 below. Individuals, partners, S corporation shareholders, and all others. If line 7 is zero or a loss, enter the amount from line 7 on line 11 below and skip lines s and s. If line 7 is a gain and you didn't have any prior year section 1231 losses, or they were recaptured in an earlier year enter the gain from line 7 as a long- term capital gain on the Schedule D filed with your return and skip lines s, 9, 11, and 12 below. 8 Nonrecaptured net section 1231 losses from prior years. See instructions 8 9 Subtract line 8 from line 7. If zero or less, enter -0-. If line 9 is zero, enter the gain from line 7 on line 12 below. If line 9 is more than zero, enter the amount from line 8 on line 12 below and enter the gain from line Check My Work ssignment Score: 70% e W