Moran owns a building he bought during year 0 for $237,000. He sold the building in year 6. During the time he held the building, he depreciated it by $33,250. What are the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations?

a. Moran received $214,000.

b. Moran received $248,000.

c. Moran received $191,000.

FOR EACH SITUATION, ANSWER:

1. Total Gain or (Loss) Recognized
2. which one

• Ordinary Income - 1245 depreciation recapture
• Ordinary Income - 291 depreciation recapture
• Unrecaptured 1250 loss (and 1231 loss)

3. Remaining 1231 gain or (loss) amount