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Purple Corporation purchases residential rental property for $1,000,000 (disregarding any allocation to the land) on May 9, 2012. Straight-line cost recovery of $92,970 is taken

Purple Corporation purchases residential rental property for $1,000,000 (disregarding any allocation to the land) on May 9, 2012. Straight-line cost recovery of $92,970 is taken before the property is sold on December 20, 2015, for $1,000,000. a. What is Purples recognized gain? b. How much of this gain is taxed under 1250. c. Section 291? d. Section 1231?

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