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Required information [The following information applies to the questions displayed below.] Hart, an individual, bought an asset for $500,000 and has claimed $100,000 of depreciation

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Required information [The following information applies to the questions displayed below.] Hart, an individual, bought an asset for $500,000 and has claimed $100,000 of depreciation deductions against the asset. Hart has a marginal tax rate of 32 percent. Answer the questions presented in the following alternative scenarios (assume Hart had no property transactions other than those described in the problem): Note: Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable, Leave no answer blank. Enter zero if applicable. Required: d1. What are the amount and character of Hart's recognized gain or loss if the asset is a nonresidential building sold for $450,000 ? d2. What effect does the sale have on Hart's tax liability for the year? What are the amount and character of Hart's recognized gain or loss if the asset is a nonresidential building sold for $450,000

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