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please I need an answer Asap On May 2, 1992, Hannah Weather (Social Security number: 111-22-3333) acquired residential real estate (an apartment bullding) for $450,000.
please I need an answer Asap On May 2, 1992, Hannah Weather (Social Security number: 111-22-3333) acquired residential real estate (an apartment bullding) for $450,000. Of the cost, $100,000 was allocated to the land and $350,000 to the building. On August 20,2021 , the building, which then had an adjusted basis of $0, was sold for $545,000 and the land for $200,000. If an amount is zero, enter " 0 ". a. Determine the amount and character of the recognized gain from the sale of the building. There is a gain of $ from the sale of the building, of which \$ Tdue to 51250 recapture. b. Determine the amount and character of the recognized gain from the sale of the land. The from the sale of the land is $ of which \$ is subject to recapture. c. Complete a Form 4797 for these transactions. Assume that there are no 51231 lookback losses. If an amount is zero, enter "0". Enter all amounts as positive numbers, However, If required, use the minus sign to indicate a loss
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