12? tbs.TBSRC00368_0220 TBSRC00368 Gain/Loss Mike is single and owns Basketball Products Company (BPC), which began operations in 2008 . The business has always been reported as a sole proprietorship on Mike's tax return. Mike manufactures and sells a variety of basketball products, including balls, uniforms, shoes, and instructional equipment. BPC's balance sheet as of January 1,20XX, includes the following assets: Note that the parking lot is used in BPC's business operations. Assume all of the assets shown were sold on January 1,20XX. In the Character of Gain/Loss column, click the associated cell to select the term or phrase that indicates what the character of the gain or loss from the sale of each asset would be. Ignore the impact of any potential depreciation recapture. select the term or phrase that indicates what the character of the gain or loss from the sale of each asset would be. Ignore the impact of any potential depreciation recapture. 12? tbs.TBSRC00368_0220 TBSRC00368 Gain/Loss Mike is single and owns Basketball Products Company (BPC), which began operations in 2008 . The business has always been reported as a sole proprietorship on Mike's tax return. Mike manufactures and sells a variety of basketball products, including balls, uniforms, shoes, and instructional equipment. BPC's balance sheet as of January 1,20XX, includes the following assets: Note that the parking lot is used in BPC's business operations. Assume all of the assets shown were sold on January 1,20XX. In the Character of Gain/Loss column, click the associated cell to select the term or phrase that indicates what the character of the gain or loss from the sale of each asset would be. Ignore the impact of any potential depreciation recapture. select the term or phrase that indicates what the character of the gain or loss from the sale of each asset would be. Ignore the impact of any potential depreciation recapture