Assignment Detail

Assignment ID: FG132463227

Siena Industries (a sole proprietorship) sold three 1231 assets during 2018. Data on these property dispositions are as follows:
Asset                   Cost           Acquired         Depreciation         Sold for              Sold on
Rack                  $100,000      10/10/14          $62,000             $85,000            10/10/18
Forklift              $35,000         10/16/15          $23,000              $5,000             10/10/18
Bin                   $87,000           3/12/17          $34,000             $ 60,000            10/10/18
Question 1: Determine the amount and the character of the recognized gain or loss from the disposition of each asset. (please include formulas used)
Question 2: If Siena has no non-recaptured net ?1231 losses from prior years, analyze these transactions and determine the amount (if any) that will be treated as a long-term capital gain. (please include formulas used)