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Marcus sold a residential rental building for a gain of $30,000. He had originally purchased the building and placed it in service in March 2016.
Marcus sold a residential rental building for a gain of $30,000. He had originally purchased the building and placed it in service in March 2016. (). The amount of depreciation allowed or allowable was $14,250. There were no other adjustments to the basis of the property, and Marcus did not sell any other property during the tax year. What is the amount and nature of Marcus's gain?
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