Brent owns farmland with a $1,000,000 basis, and he elects to expense $70,000 of expenditures incurred for soil and water conservation purposes. Brent sells the farmland after farming for five years and four months. Read the requirement. a. $ Selling Price Recognized Gain 1,170,000 Gain Treated as Ordinary Income Gain Treated as Sec. 1231 Gain Requirement Selling Price Recognized Gain Gain Treated as Ordinary Income Gain Treated as Sec. 1231 Gain What is the amount of the recognized gain and the character of the gain if the selling price is a. $1,170,000 b. $ 1,046,000 b. $1,046,000 (Complete all input fields. Enter a "0" for any zero balances.) Print Done