IV. Ordinary, Capital, & $1231 Assets 1. Determine the amount and character of gain (less) recognized from the following asset sales by a proprietorship. Amounts are in thousands. Asset 1 Cost Total Depreciation Adjusted Basis Sales Price Gain (Loss) $1231 25% 15% Ordinary Equipment $25 $7 $18 $30 $12 Equipment $200 $158 $42 Equipment $50 520 $20 530 $30 SAS $45 sis Warehouse $500 $125 $375 $450 $75 Apartment Building $500 $90 $410 $600 $190 2. Henry, a single taxpayer with a marginal tax rate of 35 percent, sold the following investments during the Lenin ar Ince into its correct basket using the following labels