Hauswirth Corporation sold $($or exchanged$)$ a warehouse in year $0.$ Hauswirth bought the warehouse several years ago for $$102,000,$ and it has claimed $$33,800$ of depreciation expense against the building.

Required:

Assuming that Hauswirth receives $$80,500$ in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale.

Assuming that Hauswirth exchanges the warehouse in a like$-$kind exchange for some land with a fair market value of $$80,500,$ compute Hauswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land.

Assuming that Hauswirth receives $$27,500$ in cash in year $0$ and a $$88,500$ 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 $1.$