A business is disposing of rental property. The property was purchased on 1/1/1999 for $300,000, of which $50,000 was land value. The sale was completed on 12/31/2008 for $750,000. Straight line depreciation was recorded based on a useful life of 25 years. What is the gain on the disposition?

• $400,000

• $500,000

• $550,000

• $350,000

• $600,000