Required information Problem 11-46 (LO 11-4) (Algo) [The following information applies to the questions displayed below) Luke sold a building and the land on which the building sits to his wholly owned corporation, Studemont Corporation at fair market value. The fair market value of the building was determined to be $465.000, Luke built the building several years ago at a cost of $435.000. Luke had claimed $64,000 of depreciation expense on the building. The fair market value of the land was determined to be $275,000 at the time of the sale: Luke purchased the land many years ago for $193,500. Problem 11-46 Part-a (Algo) What are the amount and character of Luke's recognized gain or loss on the building? Amount 34.000 Ordinaryone under 51230 Required information Problem 11-46 (LO 11-4) (Algo) [The following information applies to the questions displayed below.) Luke sold a building and the land on which the building sits to his wholly owned corporation, Stude at fair market value. The fair market value of the building was determined to be $465,000; Luke bu several years ago at a cost of $435,000. Luke had claimed $64,000 of depreciation expense on the market value of the land was determined to be $275,000 at the time of the sale; Luke purchased th ago for $193,500. Problem 11-46 Part-a (Algo) a. What are the amount and character of Luke's recognized gain or loss on the building? Amount $ 34,000 Ordinary loss under $1239 Gain under $1231 Loss under $1231 Ordinary Income under 91239 Ordinary loss under $1239