Serena LLC sold the following 1231 assets on June 19, 2017:

Description	Cost	Date acquired	net tax value	Proceeds Received
Furniture	12,000	5/19/2009	0	7,500
Computer Equipment	25,000	2/5/2014	17,000	10,000
Manufacturing Equipment	75,000	12/1/2015	43,000	81,000

a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset in 2017.

b. Assuming there are $5,000 unrecaptured 1231 losses from prior years, what portion of the gains recognized are capital gains?

5. Complete Form 4797 for Serena LLC for the assets sales in #4 above.