In 2020, Quill Corporation, a calendar-year C corporation, sold the following business assets on the dates listed below. Compute the amount and character of the gain, or loss Quill Corporation must report from the disposition of each asset. Then determine the sum of each type of gain or loss and the net effect these gains and losses have on Quill Corporations 2020 taxable income. Assume that Quill has no Section 1231 losses in prior years. Please show your work and explain your calculations.

Asset	Acquired	Sold	Cost	Cost Recovery	Adjusted Basis	Sales Price
Computer	1/13/18	5/16/2020	$208,000	$74,880	$133,120	$180,000
Office building	7/23/12	2/12/2020	$320,000	$60,000	$260,000	$400,000
Land	7/23/12	2/12/2020	$100,000	$0	$100,000	$80,000