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Please answer the following three questions ASAP and thank you very much:) Hauswirth Corporation sold (or exchanged) a warehouse in year 0 . Hauswirth bought
Please answer the following three questions ASAP and thank you very much:)
Hauswirth Corporation sold (or exchanged) a warehouse in year 0 . Hauswirth bought the warehouse several years ago for $79,500, and it has claimed $41,200 of depreciation expense against the building. Note: Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Round your final answers to the nearest whole dollar amount. Required: a. Assuming that Hauswirth receives $55,700 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale. b. Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $55,700, compute Hauswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land. c. Assuming that Hauswirth receives $34,000 in cash in year 0 and a $96,500 note receivable that is payable in year 1 , compute the amount and character of Hauswirth's gain or loss in year 0 and in year 1 . Assuming that Hauswirth receives $55,700 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale. Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $55,700, compute Hauswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land. Assuming that Hauswirth receives $34,000 in cash in year 0 and a $96,500 note receivable that is payable in year 1 , compute the amount and character of Hauswirth's gain or loss in year 0 and in year 1Step by Step Solution
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