* Please read instructions carefully and see attachment below for missing/incorrect answers**

Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years ago for $65,000 and it has claimed $23,000 of depreciation expense against the building.(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.)

a) Assuming that Hauswirth receives $50,000 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale.

Recognized Gain/(Loss). $8,000

Character of Recognized Gain/(Loss):

Ordinary Gain/(Loss) $ ????

1231 gain/(loss). $????

b) Assuming thatHauswirthexchanges the warehouse in a like-kind exchange for some land with a fair market value of $50,000, compute Hauswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land. (This section is correct, I am including it for your reference if you need it)

Gain realized. $8,000

Gain recognized. $0

Deferred gain $8,000

Adjusted basis in new property $42,000

c) Assuming thatHauswirthreceives $20,000 in cash in year 0 and a $50,000 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.

Amount Realized $ 70,000

Original Basis $ 65,000

Accumulated Depreciation. $(23,000)

Adjusted Basis $ 42,000

Gain (Loss) Realized $ 28,000

Depreciation Recapture $ ????

Gain Eligible for Installment Reporting $????

Gross Profit Percentage ????%. (Round Percentage to 2 decimal places)

Installment Gain (Loss) in year 0 $????

Installment Gain (Loss) in year 1 $????

amount and character of Hauswirth's gain or loss in year 0 and in year 1. x Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg a Reg b Req c Assuming that Hauswirth receives $20,000 in cash in year 0 and a $50,000 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. (Round "Gross Profit Percentage" to 2 decimal places.) Description Amount Character Amount Realized $ 70,000 Original Basis $ 65,000 Accumulated Depreciation $ (23,000) Adjusted Basis $ 42,000 Gain (Loss) Realized $ 28,000 Depreciation Recapture $ (23,000) Ordinary Income Gain Eligible for Installment Reporting $ 5,000 X Gross Profit Percentage (7.14) * % Installment Gain (Loss) in year 0 $ 1,429 X Section 1231 gain Installment Gain (Loss) in year 1 $ 3,571 X Section 1231 gain Homework 2008 Saved Check my work mode : This shows what is correct or incorrect for the work you h CHU IL HaS LIGHTICU DLJ, VVU UI UCPICLIQUII CAPELISE ayaHIS LIC UUIUILY. (LUSS GINIVUILLE SIVUIU WE IIIUILLE wy a HIS no answer blank. Enter zero if applicable. Round your final answers to the nearest whole dollar amount.) Required: a. Assuming that Hauswirth receives $50,000 in cash for the warehouse, compute the amount and character of Hauswirt 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 $ 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 $20,000 in cash in year 0 and a $50,000 note receivable that is payable in year 1, c amount and character of Hauswirth's gain or loss in year 0 and in year 1. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req a: Req b Req c Assuming that Hauswirth receives $50,000 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale. Recognized Gain/(Loss) $ 8,000 Character of Recognized Gain/ (Loss) Ordinary Gain/(Loss) $ 8,000 x $1231 gain/(loss) CA Reg a Req b >