Purple Corporation purchases residential rental property for $1,000,000 (disregarding any allocation to the land) on May 9,

Question:

Purple purchases residential rental property for $1,000,000 (disregarding any allocation to the land) on May 9, 2013. Straight-line cost recovery of $92,970 is taken before the property is sold on December 20, 2016, for $1,000,000.
a. What is Purple's recognized gain?
b. How much of this gain is taxed under § 1250.
c. Section 291?
d. Section 1231?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...