Problem 11-45 (LO 11-3, LO 11-4, LO 11-5) (Static) [The following information applies to the questions displayed below.] Hart, an individual, bought an asset for $500,000 and has claimed $100,000 of depreciation deductions against the asset. Hart has a marginal tax rate of 32 percent. Answer the questions presented in the following alternative scenarios (assume Hart had no property transactions other than those described in the problem): (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.) Problem 11-45 Part-b (Static) b1. What are the amount and character of Hart's recognized gain or loss if the asset is tangible personal property sold for $550,000? b2. What effect does the sale have on Hart's tax liability for the year? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req b1 Req b2 What are the amount and character of Hart's recognized gain or loss if the asset is tangible personal property sold for $550,000? Problem Amount Total Gain/(Loss) Recognized $ 500,000 Ordinary Income - $1245 depreciation recapture Remaining $1231 gain/loss $ 0 $ 50,000 < Req b1 Req b2 >