Beola Corporation purchased Residential Real Estate at a cost of $450,000. Straight-Line Depreciation in the amount of $228,000 had been correctly clamed on the property when the property was sold for $820,000. On the sale, Beola Corporation would recognize gain as follows: $40,000 Section 1250 Gain (Ordinary Income) and \$558,000 Soction 1231 Gain (Long-Term Capital Gain). $598,000 Section 1250 Gain (Ordinary Income). $45,600 Section 1250 Gain (Ordinary Income) and \$552,400 Section 1231 Gain (Long-Term Capital Gain). $598,000 Section 1231 Gain (Long-Term Capital Gain)