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Compute the amount and character of Hauswirth gain

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Question - Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years ago for $89,000 and it has claimed $24,400 of depreciation expense against the building. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Round your final answers to the nearest whole dollar amount.)

Required - a. Assuming that Hauswirth receives $80,600 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale.

b. Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $80,600, compute Hauswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land.

c. Assuming that Hauswirth receives $35,500 in cash in year 0 and a $81,500 note receivable that is payable in year 1, compute the amount and character of Hauswirth's gain or loss in year 0 and in year 1. (Round "Gross Profit Percentage" to 2 decimal places.)

Reference no: EM132599862

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