37. LO.6, 7 Siena Industries (a sole proprietorship) sold three § 1231 assets on October 10, 2021. Data on these property dispositions are as follows.

Asset Cost Acquired Depreciation Sold for Rack $100,000 10/10/17 $62,000 $85,000 Forklift 35,000 10/16/18 23,000 5,000 Bin 87,000 03/12/20 34,000 60,000

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

b. Assuming that Siena has no nonrecaptured net § 1231 losses from prior years, analyze these transactions and determine the amount (if any) that will be treated as a long-term capital gain.