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4. Residential real estate was purchased in 2015 for $345,000, held as tal property, and depreciated straight-line. Assume the land cost was $45,000 and the

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4. Residential real estate was purchased in 2015 for $345,000, held as tal property, and depreciated straight-line. Assume the land cost was $45,000 and the building cost was $300,000. Depreciation totaled $34,089. The building and land were sold on June 10, 2018, for $683,000 total. What is the tax status of the property, the nature of the gain from the disposition, and is any of it S 1250 depreciation recapture gain or unrecaptured 1250 gain? Sales Proceeds Cost basis Realized Gain Kecognized gain 1231 Gaiin 1250 Gain 1250 Recapture 1250 Unrecapture Gain Potential

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