Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years ago for $84,000, and it has claimed $38,000 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 $60,400 in cash for the warehouse, compute the amount and character of Hauswirths recognized gain or loss on the sale.
2. b. Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $60,400, compute Hauswirths realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land.
3. c. Assuming that Hauswirth receives $33,500 in cash in year 0 and a $77,500 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.