Question: Please note that all pictures are same question. In second picture part A have three choices and in third picture part B have two choices
Problem 17-41 (LO. 2,3, 4) On May 2, 1987, Hannah Weather (Social Security Number: 111-22-3333) acquired residential rental real estate for $450,000. of the cost, $100,000 was allocated to the land and $350,000 to the building. On August 20, 2017, the building, which then had an adjusted basis of $0, was sold for $545,000 and the land for $200,000. If an amount is zero, enter "o". a. Determine the amount and character of the recognized gain from the sale of the building. from the sale of the building, of whiche is- There is a gain of S _ due to5125 recapture. b. Determine the amount and character of the recognized gain from the sale of the land. The from the sale of the land is , of which is not subject to recapture. c. complete a Form 4797 for these transactions. Assume that there are no 1231 lookback losses. If an amount is zero, enter "o. Enter all amounts as positive numbers, However, If required, use the minus sign to indicate a loss
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