Joe owned business equipment having an adjusted basis of $24,000. Joe purchased the equipment for $50,000 in 2016. In 2018, the equipment was destroyed by storm. If Joe collected insurance proceeds for the following three cases below, what is the amount and character of gain or loss recognized by Joe for 2018? (30 points)

Case A: Insurance proceeds $20,000	Case B: Insurance proceeds $36,000	Case C: Insurance proceeds $52,000

An individual taxpayer purchased an apartment building on July 1, 2013, for $200,000. On October 31, 2019, the building was sold for $220,000, when the asset balance net of accumulated depreciation was $170,000. (10 points)

What is the amount and character of recognized gain or loss?