Ken sold a rental property for $947.000. He received $191,000 in the current year and $189,000 each year for the next four years of the sales price $700,000 was allocated to the building, and the remaining $247,000 was allocated to the land Ken purchased the property several years ago for $681,000. When he initially purchased the property, he allocated $595,000 of the purchase price to the bullicing and $86,000 to the land. Ken has claimed $18,100 of depreciation deductions over the years against the building Ken had no other sales of $1231 or capital assets in the current year a. For the current year, determine the amount of Ken's total recognized gain or loss b. For the current year , determine the character of the gain or loss and calculate Ken's total tax due because of the sale (assuming his marginal ordinary tox rate is 32 percent). Complete this question by entering your answers in the tabs below. Required A Hequired B For the current year, determine the amount of Ken's total recognized gain or loss. (Round your final answers to the nearest whole dollar amount. Inout all the values as positive number (1) Amount Realed Adjustod Bass (4) Cross Profil Percentage (5) Payment received in year Gainis recognized in year o Ken sold a rental property for $947,000 He received $191,000 in the current year and $189,000 each year for the next four years of the sales price, $700,000 was allocated to the building, and the remaining $247,000 was allocated to the land Ken purchased the property several years ago for $681,000 When he initially purchased the property, he allocated $595,000 of the purchase price to the building and $86,000 to the land Ken has claimed $18,100 of depreciation deductions over the years against the building Ken had no other sales of 51231 or capital assets in the current year .. For the current year, determine the amount of Ken's total recognized gain or loss. b. For the current year , determine the character of the gain or loss and calculate Ken's total tax due because of the sale (assuming his marginal ordinary tax rate is 32 percent). Complete this question by entering your answers in the tabs below. Required A Required For the current year, determine the character of the gain or loss and calculate Ken's total tax due because of the sale (assuming his marginal ordinary tax rate is 32 percent). (Round your final answers to the nearest whole dollar amount. Input all the values as positive numbers.) Athout TO Tax
