In year 0, Longworth Partnership purchased a machine for $46,250 to use in its business. In year 3, Longworth sold the machine for $34,700. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $25,700.

a.) What is the amount and character of the gain (loss) Longworth will recognize on the sale?

Description	Amount
Total Gain/(Loss) Recognized
Character of Recognized Gain/(Loss):
Ordinary Gain/(Loss)
1231 gain/(loss)

b.) What is the amount and character of the gain (loss) Longworth will recognize on the sale if the sale proceeds are increased to $60,500?

Description	Amount
Total Gain/(Loss) Recognized
Character of Recognized Gain/(Loss):
Ordinary Gain/(Loss)
1231 gain/(loss)

c.) What is the amount and character of the gain (loss) Longworth will recognize on the sale if the sale proceeds are decreased to $19,500 (before the 1231 netting process, if applicable)?

Description	Amount
Total Gain/(Loss) Recognized
Character of Recognized Gain/(Loss):
Ordinary Gain/(Loss)
1231 gain/(loss)