Question 12 20 pts Linda sold several properties during 2020. The relevant information is as follows Depreciation Asset Holding Period Original Cost Allowed Sales Price . $120,000 60,000 40.000 140,000 $40,000 $110,000 N/A 90,000 30,000 14,000 N/A 180,000 Business Building. 5 years Business Land.. 5 years Business Equipment... 3 years Home owned and used..... 3 years as principal residence for past 3 years Personal Auto 2 years Stock held for investment....... 6 months Stamp collection.. 6 years N/A 10.000 8,000 400 N/A 4,400 6,000 7,000 N/A 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 such gain or loss, and the applicable tax rate for any gain for each transaction during 2020. Upload Choose a File Question 12 20 pts Linda sold several properties during 2020. The relevant information is as follows Depreciation Asset Holding Period Original Cost Allowed Sales Price . $120,000 60,000 40.000 140,000 $40,000 $110,000 N/A 90,000 30,000 14,000 N/A 180,000 Business Building. 5 years Business Land.. 5 years Business Equipment... 3 years Home owned and used..... 3 years as principal residence for past 3 years Personal Auto 2 years Stock held for investment....... 6 months Stamp collection.. 6 years N/A 10.000 8,000 400 N/A 4,400 6,000 7,000 N/A 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 such gain or loss, and the applicable tax rate for any gain for each transaction during 2020. Upload Choose a File