ABC Company, a calendar year taxpayer, paid $$5,000,000$ for an office building and allocated $$3,000,000$ of the cost to the office building. ABC place the realty in service on February $28$ of Year $1.$ ABC has $$50,000$ taxable income in both Year $1$ and Year $2.$ ABC sales the real estate on August $1$st of Year $2$ for $$6,000,000$ and allocates $$2,500,000$ of the sales price to the land. Compute the realized gain or loss on the sale for both the office building and the land.

Group of answer choices

$$1,000,000$

$$1,095,075$

$$1,115,485$

$$1,127,275$