eBook Problem 14-73 (Algorithmic) (LO. 8, 9) Copper Industries (a sole proprietorship) sold three 1231 assets during 2020. Data on these property dispositions are as follows: Accumulated Asset Cost Acquired Depreciation Sold For Sold On Rack $184,400 10/10/17 $119,860 $92,200 10/10/20 Forklift Bin 73,760 10/16/16 165,960 03/12/19 36,880 27,660 10/10/20 55,320 92,200 10/10/20 If an amount is zero, enter "0". a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. Asset Character of Gain or Loss Total Amount of Gain or Loss Amount of 1245 Recapture Balance of Gain or Loss Rack Ordinary income 27,660 V 27,660 V 0 Forklift 1231 less -9,220 0 -9,220 Bin 1231 loss -18,440 0 -18,440 Copper has $ 27,660 of ordinary income due to 1245 recapture and $ -27,660 of 1231 loss Feedback Check My Work b. Assuming that Copper has $18,440 nonrecaptured net 1231 losses from prior years, analyze these transactions and determine the amount (if any) that will be treated as a long-term capital gain. x