Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years ago for $113,500 and it has claimed $33,800 of depreciation expense against the building.

Required:

a. Assuming that Hauswirth receives $88,500 in cash for the warehouse, compute the amount and character of Hauswirths 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 $88,500, compute Hauswirths realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land.

c. Assuming that Hauswirth receives $37,500 in cash in year 0 and a $83,500 note receivable that is payable in year 1, compute the amount and character of Hauswirths gain or loss in year 0 and in year 1. (Round "Gross Profit Percentage" to 2 decimal places.)

Req a Reg b Reqc Assuming that Hauswirth receives $88,500 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale. Recognized Gain/(Loss) Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/loss) Req a Reqb Reg c Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $88,500, compute Hauswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land. Gain realized Gain recognized Deferred gain Adjusted basis in new property Reg a Reg b Reqc Assuming that Hauswirth receives $37,500 in cash in year 0 and a $83,500 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. (Round "Gross Profit Percentage" to 2 decimal places.) Amount Character Description Amount Realized Original Basis Accumulated Depreciation Adjusted Basis Gain (Loss) Realized Depreciation Recapture Gain Eligible for installment Reporting Gross Profit Percentage Installment Gain (Loss) in year 0 Installment Gain (Loss) in year 1 1 % /