Moran owns a building he bought during year 0 for $245,000. He sold the building in year
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Question:
What are the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? (Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answer blank. Enter zero if applicable.)
a. Moran received $220,000.
b. Moran received $252,000.
c. Moran received $188,000.
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