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A taxpayer in the 25% bracket, before considering the sale, sold for a gain of $14,000 a residential rental building purchased and put into service
A taxpayer in the 25% bracket, before considering the sale, sold for a gain of $14,000 a residential rental building purchased and put into service in March 2010. (The sale of land is not included in this question.) No other residential real property was sold in this tax year. The depreciation taken or allowed is $15,635. What is the amount and nature of the gain or loss?
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