Hart, an individual, bought an asset for $500,000 and has claimed $100,000 of depreciation deductions against the asset. Hart has a marginal rate of 32%. What are the amount and character of Hart's recognized gain or loss if the asset is tangible personal property sold for $350,000.
Line 1: Total gain or loss recognized $(50,000);
Line 2: Choose from below and Enter a number:
-NA;
-Ordinary Income - Sec 1245 depreciation recapture;
-Ordinary Income; - Sec 291 depreciation recapture;
-Unrecaptured Sec 1250 gain (and Sec 1231 gain);
-Unrecaptured Sec 1250 loss (and Sec 1231 loss);
Line 3: Remaining Sec 1231 gain or loss: Enter a number