Hart, an individual, bought an asset for $500,000 and has claimed $100,000 of depreciation deductions against the asset. Hart has a marginal tax rate of 32 percent: Answer the questions presented in the following altemative scenarios (assume Hart had no property transactions other than those described in the problem): Note: Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leove no answers blank, Enter zero if appllicable. Required: 1. What are the amount and character of Hart's recognized gain or loss if the asset is tanglble personal property sold for $550,000 ? 2. What effect does the sale have on Hart's tax liability for the year? Complete this question by entering your answers in the tabs below. What are the amount and character of Hart's recognized gain or loss if the asset is tangible personal property sold for $550,000? Hart, an individual, bought an asset for $500,000 and has claimed $100,000 of depreciation deductions against the asset. Hart has a marginal tax rate of 32 percent. Answer the questions presented in the following aiternative scenarios (assume Hart had no property transactions other than those described in the problem): Note: Loss amounts should be indieated by a minus sign. Enter NA if a situation is not applicable. Leave no answers blank. Enter zero if opplicable. Required: 1. What are the amount and character of Hart's recognized gain or loss if the asset is tangible personal property. sold for $550,000 ? b2. What effect does the sale have on Hart's tax llability for the year? Complete this question by entering your answers in the tabs below. What effect does the salo have on Hart's tax liability for the year