Question: Hello, I need some help figuring out the value for other 1231 gain for this accounting problem. I have gotten everything else correctly answered but

Hello, I need some help figuring out the value for other 1231 gain for this accounting problem. I have gotten everything else correctly answered but I am confused as to what the value for the other 1231 gain needs to be for part B. Thank you.

Hello, I need some help figuring out the value for other 1231gain for this accounting problem. I have gotten everything else correctly answered

Ken sold a rental property for $726,000. He recelved $194,000 in the current year and $133,000 each year for the next four years. Of the sales price, $460,000 was allocated to the bullding, and the remalning $266,000 was allocated to the land. Ken purchased the property several years ago for $598,000. When he initially purchased the property, he allocated $445,000 of the purchase price to the bullding and $153,000 to the land. Ken has claimed $17,200 of depreclation deductions over the years against the building. Ken had no other sales of $1231 or capltal assets in the current year. Required: a. For the year of the sale, determine Ken's recognized gain or loss. b. For the year of the sale, determine character of Ken's gain, and calculate Ken's tax due because of the sale (assuming his marginal ordinary tax rate is 32 percent). Answer is not complete. Complete this question by entering your answers in the tabs below. For the year of the sale, determine Ken's recognized gain or loss. Note: Round your final answers to the nearest whole dollar amount. Input all the values as positive numbers. Complete this question by entering your answers in the tabs below. For the year of the sale, determine character of Ken's gain, and calculate Ken's tax due because of the sale (assuming his marginal ordinary tax rate is 32 percent). Note: Round your final answers to the nearest whole dollar amount. Input all the values as positive numbers

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