Question 40 of 75. Leon sold residential rental property he had owned for three years. As part of this sale, Leon realized gain on the sale of the rental house he was depreciating using regular MACRS. Which Code section describes the gain on the LAND? 51231 51245. O 1250. O 1254. Question 13 of 75 In January 2015, Sue purchased and placed into service a $20,000 piece of equipment for exclusive use in her business Since then, she claimed a $6,000 Section 179 deduction and $6,654 MACRS depreciation. She sold the equipment in November 2017 for $7,000. What is the amount and type of gain or loss, and where on Form 4797 does Sue report the sale? O $34651 231 loss, Part | S346 1231 gain, Parti O $34651245 loss. Part III. o $346 1245 gain, Part lll. Mark for follow up