Curt owns an office building and land that are used in his trade or business.

Curtowns an office building and land that are used in his trade or business. The office building and land were acquired in 1978 for $1,300,000 and $400,000, respectively. During the current year, the properties are sold for $1,700,000 with 30% of the selling price being allocated to the land. The assets as shown on the taxpayer's books before their sale are as follows: (Click the icon to view the assets on the taxpayer's books before their sale.) Read the requirements. Requirement a. What is the recognized gain due to the sale of the building? The recognized gain due to the sale of the building amounts to $ 110,000 Requirement b. What is the character of the recognized gain due to the sale of the building? (Enter a "0" for any zero balances.) is Sec. 1231 gain. of the recognized gain from Parta, $ is Sec, 1250 ordinary income and $ Requirement c. What is the recognized gain and character of the gain due to the sale of the land? What is the recognized gain due to the sale of the land? The recognized gain due to the sale of the land amounts to $ 110,000 What is the character of the gain due to the sale of the land? (Enter a "O" for any zero balances.) of the recognized gain from sale of the land, s i s Sec. 1250 ordinary income and D i s Sec. 1231 gain. Enter any number in the edit fields and then continue to the next question ng and land that are used in his trade or business. The office building and land were acquired in 1978 for $1,3 uring the current year, the properties are sold for $1,700,000 with 30% of the selling price being allocated to th xpayer's books before their sale are as follows: the assets on the taxpayer's books before their sale.) Data Table he recog to the sal the chara Jo balances.) 1,170,000 (a) $ om Parta Building $ 1,300,000 Accumulated depreciation 130,000 Land 400,000 (a) If the straight-line method of depreciation had been used, the accumulated depreciation would be $1,060,000. c. 1231 gain. the recog ain due to to the sa Print [Done] the gain de rom sale of the land, $ is Sec. 1250 ordinary income and is Sec. 1231 gain