gain or loss on the sale. b. Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $47,300, compute Hauswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land. c. Assuming that Hauswirth receives $26,000 in cash in year 0 and a $57,500 note receivable that is payable in year 1, compute the amount and character of Hauswirth's gain or loss in year 0 and in year 1. Complete this question by entering your answers in the tabs below. Required a, Required b Required c Assuming that Hauswirth receives $26,000 in cash in year 0 and a $57,500 note receivable that is payable in year 1, compute the amount and character of Hauswirth's gain or loss in year 0 and in year 1. Description Amount Character Sales price $ 83,500 Original Basis $ 67,000 Accumulated Depreciation $ (33,000) Adjusted Basis $ 34,000 Gain (Loss) Realized $ 49,500 Depreciation Recapture Ordinary Income Gain Eligible for Installment Reporting Gross Profit Percentage $1231 gain recognized in year 0 % Section 1231 gain $1231 gain recognized in year 1 Section 1231 gain