Chris operates a storage business as a sole proprietorship and owns the following assets acquired in 2002: (Click the icon to view the assets.) The FMV of the warehouse and the land are $470,000 and $220,000, respectively. Chris owns 60% of the stock of the Vera Corporation. Read the requirement. a. Determine the recognized gain and its character due to the sale of the building. Recognized Character of the gain gain - Data table Warehouse $ b. Determine the recognized gain and its character due to the sale of the land. Recognized Character of the gain 430,000 (270,000) gain Minus: Accumulated depreciation Adjusted basis Land $ 160,000 100,000 Ordinary income Print Done Sec. 1231 gain Sec. 1245 ordinary income Sec. 1250 ordinary income