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Hauswirth 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
Note: 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:
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.
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.
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.
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