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I need help with this problem It`s a big part of my grade. Thank you. On May 2, 1987, Hannah acquired residential rental real estate

I need help with this problem It`s a big part of my grade. Thank you.

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On May 2, 1987, Hannah acquired residential rental real estate for $450,000. Of the cost, $100,000 was allocated to the land and $350,000 to the building. On August 20, 2016, the building, which then had an adjusted basis of $0, was sold for $545,000 and the land for $200,000 If an amount is zero, enter "o". a. Determine the amount and character of the recognized gain from the sale of the building. There is a gain of 1250 recapture o X from the sale of the building, of which 0 is ordinary income due to Feedback Check My Work Generally, 1250 property is depreciable real property (principally buildings and their structural components) that is not subject to 1245, Intangible real property, such as leaseholds of 1250 property, is also included. b. Determine the amount and character of the recognized gain from the sale of the land. The 1231 gain from the sale of the land is 0 X, of which 0 is not subject to recapture

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