Hauswirth Corporation sold (or exchanged) a warehouse in year 0 . Hauswirth bought the warehouse several years ago for $73,500, and it has claimed $23,800 of depreciation expense against the building. 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. Required: a. Assuming that Hauswirth receives $58,400 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 $58,400, 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 $31,000 in cash in year 0 and a $63,500 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Assuming that Hauswirth receives $58,400 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale. Hauswirth Corporation sold (or exchanged) a warehouse in year 0 . Hauswirth bought the warehouse several years ago for $73,500, and it has claimed $23,800 of depreciation expense against the building. 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. Required: a. Assuming that Hauswirth receives $58,400 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 $58,400, 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 $31,000 in cash in year 0 and a $63,500 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 . Answer is not complete. Complete this question by entering your answers in the tabs below. Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $58,400, 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 $31,000 in cash in year 0 and a $63,500 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
