Question: Class 1 - The building in Class 1 was purchased in January, 2011 for $650,000, with $80,000 attributable to the land and $570,000 to the

Class 1 - The building in Class 1 was purchased in January, 2011 for $650,000, with $80,000 attributable to the land and $570,000 to the building. The UCC balance on December 31, 2022 is $562,154. On Jan 1 2023, the property was sold for $725,000. Of the $725,000 sales price, $100,000 is for the land on which the building is situated and $625,000 for the building

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