Exam Question 9 of 55 Select the best answer Whitewave Partnership owns a building that it maintains and rents to business tenants on relatively short-term leases. Whitewave's adjusted basis in the building is $250,000. The building is condemned to make way for a major airport expansion. Whitewave gets a condemnation award of $500,000. Because of the date the building was placed in service and the fact that Whitewave always took straight-line depreciation, there is no depreclation recapture on the transaction. Whitewave has no other Section 1231 transactions for the year.Which of the following is true? O A. Whitewave has a $250,000 long-term capital gain. O B. Whitewave has a $250,000 ordinary gain. O C. Whitewave has a $500,000 long-term capital gain. Whitewave must reinvest the amount received in like-kind property in order to receive capital gain treatment. O D. Submit Answers 100% Complete Exit & Resut m, Question Q9 Exam Question 9 of 55 Select the best answer Whitewave Partnership owns a building that it maintains and rents to business tenants on relatively short-term leases. Whitewave's adjusted basis in the building is $250,000. The building is condemned to make way for a major airport expansion. Whitewave gets a condemnation award of $500,000. Because of the date the building was placed in service and the fact that Whitewave always took straight-line depreciation, there is no depreclation recapture on the transaction. Whitewave has no other Section 1231 transactions for the year.Which of the following is true? O A. Whitewave has a $250,000 long-term capital gain. O B. Whitewave has a $250,000 ordinary gain. O C. Whitewave has a $500,000 long-term capital gain. Whitewave must reinvest the amount received in like-kind property in order to receive capital gain treatment. O D. Submit Answers 100% Complete Exit & Resut m, Question Q9