Problem 14-74 (Algorithmic) (LO. 8, 9) Copper Industries (a sole proprietorship) sold three 1231 assets during 2019. Data on these property dispositions are as follows: Asset Rack Accumulated Cost Acquired Depreciation Sold For Sold On $171,200 10/10/16 $111,280 $85,600 10/10/19 68,480 10/16/15 34,240 25,680 10/10/19 154,080 03/12/18 51,360 85,600 10/10/19 Forklift Bin If an amount is zero, enter "O". a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. Character of Gain or Loss Total Amount of Gain or Loss Amount of 1245 Recapture Balance of Gain or Loss Asset Rack Ordinary income 25,680 25,680 0 Forklift 1231 loss -8,560 0 -8,560 Bin 1231 loss -17,120 o -17,120 Copper has $ 25,680 of ordinary income due to 1245 recapture and $ 25,680 of 1231 loss a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. Character of Gain or Loss Total Amount of Gain or Loss Amount of 1245 Recapture Balance of Gain or Loss Asset Rack Ordinary income 25,680 25,680 0 Forklift 1231 loss -8,560 o -8,560 Bin 1231 loss -17,120 o -17,120 Copper has $ 25,680 of ordinary income due to 1245 recapture and $ 25,680 of 1231 loss Feedback Check My Work Section 1245 applies primarily to non-real-estate property such as machinery, trucks, and office furniture. b. Assuming that Copper has $17,120 nonrecaptured net 1231 losses from prior years, analyze these transactions and determine the amount (if any) that will be treated as a long-term capital gain