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): a1. What are the amount and character of Hart's recognized gain or loss if the assit is tangible personal property sold for $450,000? a2. What effect does the sale hav on Hart's tax liability for the year?

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