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Question 12 N Linda sold several properties during 2020. The relevant information is as follows Depreciation Asset Holding Period Original Cost Allowed Sales Price 5 years Business Building. ......... 5 years $120,000 $40,000 $110,000 . Business Land...... 60,000 N/A 90,000 Business Equipment.......... 3 years 40,000 30,000 14.000 Home owned and used... 3 years 140.000 N/A 180,000 as principal residence for past 3 years Personal Auto 2 years 10,000 N/A 4.400 Stock held for investment....... 6 months 8,000 N/A 6,000 Stamp collection 6 years 400 N/A 7.000 Linda bought another home for $210,000 after selling her old home. She sold no other assets during the year and had no other Section 1231 transactions during the past five years. Determine both the amount and character of the gain or loss from each sale. Assuming that Linda's marginal tax rate on ordinary income is 35%, compute the recognized gain or loss, the character of buch gain or loss, and the applicable tax rate for any gain for each transaction during 2020 Question 12 N Linda sold several properties during 2020. The relevant information is as follows Depreciation Asset Holding Period Original Cost Allowed Sales Price 5 years Business Building. ......... 5 years $120,000 $40,000 $110,000 . Business Land...... 60,000 N/A 90,000 Business Equipment.......... 3 years 40,000 30,000 14.000 Home owned and used... 3 years 140.000 N/A 180,000 as principal residence for past 3 years Personal Auto 2 years 10,000 N/A 4.400 Stock held for investment....... 6 months 8,000 N/A 6,000 Stamp collection 6 years 400 N/A 7.000 Linda bought another home for $210,000 after selling her old home. She sold no other assets during the year and had no other Section 1231 transactions during the past five years. Determine both the amount and character of the gain or loss from each sale. Assuming that Linda's marginal tax rate on ordinary income is 35%, compute the recognized gain or loss, the character of buch gain or loss, and the applicable tax rate for any gain for each transaction during 2020