The amount and character of Rent's gain or loss is: $13,000 ordinary gain
Based on the information given the corporation equipment gain will be subject to § 1245 depreciation recapture.
First step is to calculate the Adjusted basis
Adjusted basis=Cost-Depreciation
Adjusted basis=$180,000 − $83,000
Adjusted basis=$97,000
Second step is to calculate the gain
Ordinary gain = Selling price- Adjusted basis
Ordinary gain=$110,000 − $97,000
Ordinary gain=$13,000 gain
Inconclusion the amount and character of Rent's gain or loss is: $13,000 ordinary gain
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