Hauswirth Corporation sold $($or exchanged$)$ a warehouse In year $0.$ Hauswirth bought the warehouse several years ago for $$65,000,$ and it has claimed $$23,000$ of depreclation expense against the bullding.

Required:

a$.$ Assuming that Hauswirth recelves $$50,000$ in cash for the warehouse, compute the amount and character of Hauswirth's recognized 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 $$50,000,$ 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 recelves $$20,000$ in cash in year $0$ and a $$50,000$ note recelvable 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 $$50,000$ in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale.

Note: Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Round your final answers to the nearest whole dollar amount.

$\backslash$table$[[$Recognized Gain or $($Loss$)],[$Character of Recognized Gain or $($Loss$)$:$],[$Ordinary Gain or $($Loss$)],[1231$ gain or $($loss$)]]$