Paradise Corporation purchased commercial real estate several years ago for $2,250,000, of which $250,000 was allocated to the land and $2,000,000 was allocated to the building. Paradise took straight-line MACRS deductions of $300,000 during the years it held the property. In the current year, Paradise sells the property for $2,850,000, of which $600,000 is allocated to the land and $2,250,000 is allocated to the building. What are the amount and character of Paradises recognized gain or loss on the sale?