Jonas owns a duplex used as residential rental property. The duplex cost $120,000 in 1986, and 20% of the cost was allocated to the land. Total cost-recovery deductions allowed amount to $96,000. The statutory percentages were used to compute cost-recovery deductions. If the straight-line method of cost recovery were used instead, $96,000 of cost-recovery deductions would have been allowed. What is the amount of recognized gain and the character of the gain if Jonas sells the duplex for $131,000 with 20% the price allocated to land? (Use only one line for each "character of gain". If a box is not used in the table, leave the box empty; do not select a label or enter a zero.) Requirement a. What is the amount of recognized gain and the character of the gain if Jonas sells the duplex for $131,000 with 20% of the price allocated to land? (Use only one line for each "character of gain". If a box is not used in the table, leave the box empty; do not select a label or enter a zero.) Amount of Gain Character of Gain Building Building Land Requirement b. Same as (a) except the building is an office building. (Use only one line for each "character of gain". If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Amount of Gain Character of Gain Building Building Land

Requirement a. What is the amount of recognized gain and the character of the gain if Jonas sells the duplex for $131,000 with 20% of the price allocated to land? (Use only one line for each "character of gain". If a box is not used in the table, leave the box empty; do not select a label or enter a zero.)

Amount of Gain

Character of Gain

Building

Building

Land

Requirement b. Same as (a) except the building is an office building. (Use only one line for each "character of gain". If a box is not used in the table leave the box empty; do not select a label or enter a zero.)

	Amount of Gain	Character of Gain
Building
Building
Land