Income Concepts (LO. 4) Postum Partnership purchases a building in 2016 for $240,300. It deducts $5,250 in depreciation on the building in 2016, $6,000 in 2017, $6,000 in 2018, and $3,000 in 2019. It sells the building in 2019 for $250,700. What is the partnership's gain or loss on the sale of the building? The partnership's on the sale of the building is $ gain loss Income Concepts (10.4) Chelsea, who is single, purchases land for investment purposes in 2014 at a cost of $22,300. In 2019, she sells the land for $35,200, Chelsea's taxable income without considering the land sale is $99,700. What is the effect of the sale of the land on her taxable income, and what is her tax liability Refer to the tax rate schedule for calculations. Round all calculations to two decimal places. Assume a long-term capital gains tax rate of 15%. her taxable income by the amount of the Her taxable income is $ The effect of the sale of land is that it and her tax liability is $ additional ordinary income additional ordinary loss capital gain capital loss