CC Company exchanged a depreciable asset with a $$20,000$ initial cost and a $$10,600$ adjusted basis for a new asset priced at $$19,000.$

Required:

a$.$ Assuming that the assets do not qualify as like$-$kind property, compute the amount and character of CC$$s recognized gain and its basis in the new asset.

b$.$ Assuming that the assets qualify as like$-$kind property, compute the amount and character of CC$$s recognized gain and its basis in the new asset.

for both a and b$,$ specify if each is a capitalized gain$/$no gain recognized$/$ordinary gain$/$ section $1231$ gain and then write the amounts