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O Section 1250 Mark for follow up Question 10 of 75. During the tax year, Max sold an office building that he had owned and

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O Section 1250 Mark for follow up Question 10 of 75. During the tax year, Max sold an office building that he had owned and rented to the same tenant for 15 years. The building had been depreciated using regular MACRS. Max sold the building at a gain. On which part of Form 4797 is the sale of the building first reported, and what IRC Section determines the type of gain? O Part 1, Section 1231. O Part II, Section 1231. O Part III, Section 1245. O Part III, Section 1250. Mark for follow up Question 11 of 75. A single taxpayer sold a residential rental building, in 2019, for a gain of $10,000. The building was purchased and placed in service in March 2010. (The sale of land is not included in this question.) No other property was sold during the current tax year. Before considering the sale, the taxpayer was in the 22% bracket. The depreciation allowable was $15,635. What is the amount and nature of the gain or loss? O $10,000 gain taxed at a maximum of 15%. O $10,000 gain taxed at a maximum of 25%. invallat a maximum of 28%

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