A corporation owns an office building and land. The office building and land were acquired in 1978 for $1,100,000 and $80,000, respectively. During the current year, the properties are sold for $1,180,000 with 40% of the selling price being allocated to the land. The assets as shown on the corporation's books before their sale are as follows: (Click the icon to view the assets on the corporation's books before their sale.) Read the requirements. Requirement a. What is the recognized gain due to the sale of the building? The recognized gain due to the sale of the building amounts to Requirements a. What is the recognized gain due to the sale of the building? b. What is the character of the recognized gain due to the sale of the building? c. What is the recognized gain and character of the gain due to the sale of the land? Print Done A corporation owns an office building and land. The office building and land were acquired in 1978 for $1,100,000 and $80,000, respectively. During the current year, the properties are sold for $1,180,000 with 40% of the selling price being allocated to the land. The assets as shown on the corporation's books before their sale are as follows: (Click the icon to view the assets on the corporation's books before their sale.) Read the requirements. Requirement a. What is the recognized gain due to the sale of the building? The recognized gain due to the sale of the building amounts to Requirements a. What is the recognized gain due to the sale of the building? b. What is the character of the recognized gain due to the sale of the building? c. What is the recognized gain and character of the gain due to the sale of the land? Print Done