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Grenville Corporation purchases residential real property on May 9, 2013, for $1,000,000. Straight-line cost recovery is taken in the amount of $92,970 before the property
Grenville Corporation purchases residential real property on May 9, 2013, for $1,000,000. Straight-line cost recovery is taken in the amount of $92,970 before the property is sold on December 30, 2016, for $1,100,000. (Neither the purchase nor the selling price includes any amount attributable to the land).
If an amount is zero, enter "0".
Grenville Corporations total recognized gain of $________ is accounted for as follows:
Ordinary income under 1250: $ ________
Ordinary income under 291: $ _________
Section 1231 gain: $__________
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