Mark is the sole owner of Century Manufacturing Company ("Century") and operates it as a sole proprietorship. Century owned a warehouse, which it used for storage in its manufacturing operations. It had originally paid $500,000 for this warehouse and has properly claimed $150,000 in depreciation on it (31.5 years, straight line). Century sold this warehouse and acquired a new building through an authorized $ 1031 exchange accommodator within the required statutory period. In the exchange, Century paid additional cash of $200,000 and assumed a mortgage of $1,000,000. Century used the new building as a new factory after installing manufacturing equipment. Two years later, Century abandoned the line of business for which it was using this new building. Century sold the new building for $2,000,000. Century had taken $50,000 in depreciation on the new building. Century did not have any other dispositions during the year. What is the amount and character of the gain or loss recognized by Mark on the sale of the new building (determine whether ordinary income or capital, and the maximum tax rate(s) it is subject to)