Reference no: EM132417120

Moran owns a building he bought during year 0 for $180,000. He sold the building in year 6. During the time he held the building he depreciated it by $34,750.

What is the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? (Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answer blank. Enter zero if applicable.)

a) Moran received $205,000

Total Gain/ (Loss) Recognized:

Remaining 1231 gain (loss):

b) Moran received $253,000

Total Gain/ (Loss) Recognized):

Remaining 1231 gain (loss):

c) Moran received $143,000

Total Gain/ (Loss) Recognized):

Remaining 1231 gain (loss):