During the current year, Henry's office building is destroyed by fire. After collecting the insurance proceeds, Henry has a $46,000 recognized gain. The building was acquired in 1998, and the straight line method of depreciation has been used. He does not plan to acquire a replacement building.

a. Land used in his trade or business and held more than a year is condemned by the state. The recognized gain is $69,000. What is Henry's net capital gain?

b. Assume the same facts as in part a, except the condemnation results in a $69,000 loss. What is Henry's net capital gain?

c. An apartment building used as residential rental property and held more than one year is destroyed by a sudden, unexpected mudslide. The building is not insured and the loss amounts to $190,000. What is Henry's net capital gain?