Hauswirth Corporation sold (or exchanged) a warehouse in year o Hauswirth bought the warehouse several years ago for $68,500 and it has claimed $35,000 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: a. Assuming that Hauswirth receives $44,700 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 fand with a fair market value of $44.700. 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 $22.000 in cash in year and a $70,000 note receivable that is payable in year 1, compute the amount and character of Hauswirth's gain or loss in year and in year 1. (Round "Gross Profit Percentage" to 2 decimal places.) Complete this question by entering your answers in the tabs below. Reda Regb Reg Assuming that Hauswirth receives $44,700 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale, Answer is not complete. Complete this question by entering your answers in the tabs below. Rega Reqb Regc Assuming that Hauswirth receives $44,700 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale. $ 44.700 Recognized Gain (Loss) Character of Recognized Gain/(Loss) Ordinary Gain{0.05) 51231 gain/loss) 1$ 11 200 Reqb> Answer is not complete. Complete this question by entering your answers in the tabs below. Rega Reqb Reqc Assuming that Hauswirth exchanges the warehouse in a like kind exchange for some land with a fair market value of $44,700, 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 Retu Reqa Reqb Regc Assuming that Hauswirth receives $22,000 in cash in year and a $70,000 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 S 92,000 Original Basis S 68,500 Accumulated Depreciation IS 35,000 Adjusted Basis S 33,500 Gain (Loss) Realized $ 58,500 Depreciation Recapture S 5,619 % Ordinary Income Gain Eligible for installment S 23,500 Reporting Gross Profit Percentage 25 54% Installment Gain (Loss) in year 0 $ 5,6193 Section 1231 gain Installment Gain (Loss) in year 1 IS 17 678 3 Section 1231 gain $
