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Mr. Bristol purchased an apartment complex on January 10, 2019, for $12 million with 20% of the price allocated to land. He sells the

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Mr. Bristol purchased an apartment complex on January 10, 2019, for $12 million with 20% of the price allocated to land. He sells the complex on October 22, 2021, for $12.7 million. Assume that 20% of the $12.7 million selling price is allocated to land and 80% is allocated to the building. (Click the icon to view the depreciation table for Residential Rental Real Property Placed in Service after 12/31/86). Read the requirements.

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