Problem 14-77 (LO. 8,9, 10) On May 2, 1988, Hannah Weather (Social Security number: 111-22-3333) acquired residential real estate for $450,000. Of the cost, 100,000 was allocated to the land and $35o,000 to the building. On August 20, 2017, 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 "O" a. Determine the amount and character of the recognized gain from the sale of the building from the sale of the building, of which There is a gain of recapture. is due to 1250 capital gains ordinary income ordinary loss b. Determine the amount and character of the recognized gain from the sale of the land Problem 14-77 (LO. 8,9, 10) On May 2, 1988, Hannah Weather (Social Security number: 111-22-3333) acquired residential real estate for $450,000. Of the cost, 100,000 was allocated to the land and $35o,000 to the building. On August 20, 2017, 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 "O" a. Determine the amount and character of the recognized gain from the sale of the building from the sale of the building, of which There is a gain of recapture. is due to 1250 capital gains ordinary income ordinary loss b. Determine the amount and character of the recognized gain from the sale of the land