during the tax year Julius sold an office building that he had owned and rented to the same tenant for 15 years. The building had been depreciated using regular MACRS. Julius sold the building at a gain. On which part of form 4797 is the sale of the building reported and what IRC section determines the type of gain?

a. Part l, 1231

b. Part ll, 1231

c. Part lll, 1245

d. Part lll, 1250