Exercise 17-20 (LO. 1) Aqua Corporation purchases nonresidential real property on May 8, 2015, for $1,000,000. Straight-line cost recovery is taken in the amount of $89,765 before the property is sold on November 30, 2018, for $1,500,000 a. Compute the amount of Aqua's recognized gain on the sale of the realty 17,953 X Feedback Check My Work Section 1250 property consists of real property that is not Section 1245 property, generally buildings and their structu When Section 1250 property is sold there is a possibility of Section 1250 depreciation recapture. b. Determine the amount of the recognized gain that is treated as 1231 gain and the amount that is treated as 1250 recapture due to 291. S 1231 gain 71,812 X 1250 recapture due to 291: Feedback