You carry on a business of retailing antiques through a store situated in a building that youlease. You recently sold an antique desk that had been sitting around for more than a year. Thebuyer paid you $10,000, but the desk cost you $17,000.

 
b. You carry on a computer services and supplies business in three different cities. You own thebuildings in which the business is located. You decide to close down one location and sell theproperty. The property originally cost $660,000 with $560,000 representing the value of thebuilding and $100,000 the value of the land. The UCC of the building, which had been includedin a separate class, was $400,000 at the time of the sale. The property sold for $700,000, with$620,000 allocated to the building and $80,000 to the land.


c. You carry on a printing business as a sole proprietor. A printing press you purchased for thebusiness four years ago that cost you $40,000 was sold for $11,000. The UCC of the class was$21,000. A replacement printing press was subsequently purchased in the same year.

 In each of the following situations indicate whether there would be a capital gain or loss?

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