24. Raymond Bright owned an apartment house that he bought in 1997. Depreciation was correctly recorded on a straight-line basis and Raymond's adjusted basis for this property was $200,000 when he traded it for an office building having an FMV of $600,000. The trade was completed during the tax year. What is Raymond's reportable gain on this exchange? a) $400,000 Section 1250 gain b) $400,000 Section 1231 gain c) $400,000 Long-term gain d) $ 0