Please don't give image formatHi, please anser part a, b and c ? Hauswirth Corporation sold (or exchanged) a warehouse in year O. Hauswirth bought the warehouse several years ago for $102,000,and it has claimed $33,800 of depreciation expense against the building. (Loss amounts should be indicated by a minus sign. Leaveno answer blank. Enter zero if applicable. Round your final answers to the nearest whole dollar amount.)Required:a. Assuming that Hauswirth receives $80,500 in cash for the warehouse, compute the amount and character of Hauswirth'srecognized 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 $80,500,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 $27,500 in cash in year 0 and a $88,500 note receivable that is payable in year 1, compute theamount and character of Hauswirth's gain or loss in year 0 and in year 1.Complete this question by entering your answers in the tabs below.Req cAssuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $80,500,compute Hauswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land.Reg aReq bGain realizedGain recognizedDeferred gainAdjusted basis in new property Reg aReq bAssuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $80,500,compute Hauswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land..Gain realizedGain recognizedDeferred gainAdjusted basis in new propertyShow Transcribed TextHauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years ago for $102,000,and it has claimed $33,800 of depreciation expense against the building. (Loss amounts should be indicated by a minus sign. Leaveno answer blank. Enter zero if applicable. Round your final answers to the nearest whole dollar amount.)Required:a. Assuming that Hauswirth receives $80,500 in cash for the warehouse, compute the amount and character of Hauswirth'srecognized gain or loss on the sale.Req aReg cb. Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $80,500,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 $27,500 in cash in year 0 and a $88,500 note receivable that is payable in year 1, compute theamount and character of Hauswirth's gain or loss in year 0 and in year 1.Complete this question by entering your answers in the tabs below.Req biDescriptionAmount RealizedOriginal BasisAccumulated DepreciationAdjusted BasisGain (Loss) RealizedAssuming that Hauswirth receives $27,500 in cash in year 0 and a $88,500 note receivable that is payable in year 1, computethe amount and character of Hauswirth's gain or loss in year 0 and in year 1.Req cDepreciation RecaptureGain Eligible for Installment ReportingGross Profit PercentageInstallment Gain (Loss) in year 0Installment Gain (Loss) in year 1cAmountRenh%Character

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Hauswirth Corporation sold (or exchanged) a warehouse in year O. Hauswirth bought the warehouse several years ago for $102,000, and it has claimed $33,800 of depreciation expense against the building. (Loss amounts should be indicated by a minus sign. Leave mo answer blank. Enter zero if applicable. Round your final answers to the nearest whole dollar amount.) Required: a. Assuming that Hauswirth receives $80,500 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 $80,500, 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 $27,500 in cash in year 0 and a $88,500 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. Complete this question by entering your answers in the tabs below. Req b Rea c Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $80,500, compute Hauswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land. Req a Gain realized Gain recognized Deferred gain Adjusted basis in new property

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q