A/ Major Corporation purchased residential real estate several years ago for $300,000, of which $50,000 was allocated to the land and $250,000 was allocated to the building. Major took straight line MACRS depreciation of $80,000 during the years it held the property. In the current year, Major sells the property for $370,000, of which $70,000 is allocated to the land and $300,000 is allocated to the building. What are the amount and character of Majors recognized gain or loss on the sale?