On May 2, 1992, Hannah Weather (Social Security number: 111-22- 3333) acquired residential real estate for $450,000. Of the cost, $100,000 was allocated to the land and $350,000 to the building. On August 20, 2021, the building, which then had an adjusted basis of $0, was sold for $545,000 and the land for $200,000.

a. Determine the amount and character of the recognized gain from the sale of the building.

b. Determine the amount and character of the recognized gain from the sale of the land.

c. Complete a 2021 Form 4797 for these transactions. Assume that there are no § 1231 lookback losses.