Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years ago for $90,000 and it has claimed $35,200 of depreciation expense against the building.(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:

1. a.Assuming that Hauswirth receives $71,100 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale.
2. c.Assuming that Hauswirth receives $29,500 in cash in year 0 and a $85,500 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.)

Req a Req b Req c Assuming that Hauswirth receives $29,500 in cash in year 0 and a $85,500 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.) Description Amount Character Amount Realized $ 115,000 Original Basis $ 90,000 Accumulated Depreciation 35,200 Adjusted Basis 54,800 Gain (Loss) Realized 60,200 Depreciation Recapture Ordinary Income Gain Eligible for Installment Reporting Gross Profit Percentage % Installment Gain (Loss) in year 0 Section 1231 gain Installment Gain (Loss) in year 1 Section 1231 gainReq a Req b Reg C Assuming that Hauswirth receives $71,100 in cash for the warehous recognized gain or loss on the sale. Recognized Gain/(Loss) 16,300 Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/(loss)