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Jacob owned an office building that he held for five years and depreciated using regular MACRS. He sold the building at a gain. On which

Jacob owned an office building that he held for five years and depreciated using regular MACRS. He 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?

Part I; 1231.

Part II; 1231.

Part III; 1245.

Part III; 1250.

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