Stone Corporation placed a small storage building in service 12 years ago. Stone's original cost for the building is $800,000 and the cost recovery deductions are $300,000. This year the building is sold for $1,100,000. The amount and character of the gain are

A) ordinary gain of $60,000 and Sec. 1231 gain of $540,000.

B) ordinary gain of $300,000 and Sec. 1231 gain of $300,000.

C) ordinary gain of $600,000.

D) Sec. 1231 gain of $600,000.

In the fall of 2021, Latrell, an unmarried taxpayer, went back to school to earn a master of accountancy degree. He incurred $12,000 of qualified educational expenses and his modified AGI for the year was $45,000. His Lifetime Learning Credit is

A) $1,000.

B) $1,400.

c 1800

d 2000

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