1. Lanai, LP sold a reatal apartment complex for $950,000. Lanai purchased the building in 1991 for 2 cast of $700,000 and had dedacted $100,000 in Section 1250 depreciation through date of sale. Lanai should characterize the $350,000 gain recognized on sale as: A. All Section 1231 gain subject to the capital gains tax rate. B. $100,000 as unrecaptured Section 1250 gain and a $250,000 Section 1231 loss. C. All unrecaptured Section 1250 gain. D. $100,000 as unrecaptured Section 1250 gain and a $250,000 Section 1231 gain. E. None of the above. 2. Judo, LP sold a commercial office building used in the corporate business for $600,000. Judo purchased the building in 1991 for a cost of $700,000 and had deducted $400,000 in Section 1250 depreciation through date of sale. Judo should characterize the $300,000 gain recognized on sale as: A. $400,000 unrecaptured Section 1250 gain and $100,000 Section 1231 gain. B. $400,000 unrecaptured Section 1250 gain and $100,000 Section 1231 loss. C. $300,000 Section 1231 gain D. $300,000 Ordinary gain. E. None of the above. 3. Enter the tax lives of the following assets for tax depreciation purposes (assuming no special elections are made): Multi-family apartment building. Office building Land. Industrial property. Single family home held for rental. 1. Lanai, LP sold a reatal apartment complex for $950,000. Lanai purchased the building in 1991 for 2 cast of $700,000 and had dedacted $100,000 in Section 1250 depreciation through date of sale. Lanai should characterize the $350,000 gain recognized on sale as: A. All Section 1231 gain subject to the capital gains tax rate. B. $100,000 as unrecaptured Section 1250 gain and a $250,000 Section 1231 loss. C. All unrecaptured Section 1250 gain. D. $100,000 as unrecaptured Section 1250 gain and a $250,000 Section 1231 gain. E. None of the above. 2. Judo, LP sold a commercial office building used in the corporate business for $600,000. Judo purchased the building in 1991 for a cost of $700,000 and had deducted $400,000 in Section 1250 depreciation through date of sale. Judo should characterize the $300,000 gain recognized on sale as: A. $400,000 unrecaptured Section 1250 gain and $100,000 Section 1231 gain. B. $400,000 unrecaptured Section 1250 gain and $100,000 Section 1231 loss. C. $300,000 Section 1231 gain D. $300,000 Ordinary gain. E. None of the above. 3. Enter the tax lives of the following assets for tax depreciation purposes (assuming no special elections are made): Multi-family apartment building. Office building Land. Industrial property. Single family home held for rental