uno Corporation had ordinary taxable income of $127,000 in the current year before consideration of any of the following property transactions. It sold two blocks of stock held for investment. One yielded a short-term capital gain of $8,000 and the other a long-term capital loss of $14,000. In addition, Juno sold four pieces of machinery for $30,000. It purchased the machines three years ago for $80,000 and claimed $35,000 of depreciation deductions. Juno also sold a building for $400,000 that it had purchased fifteen years ago for $390,000. The depreciation deductions up to the date of sale for the building were $108.000.

a. Determine the amount and character of each gain or loss from the property transactions and Juno Corporation's taxable income for the current year.

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b. How would your answers to (a) change if Juno were a single individ- ual with no dependents and $10,000 of itemized deductions instead of a corporation?

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c. How would your answers to (b) change if Juno has $425,000 of ordi- nary taxable income?