X Corporation sold a commercial building for $200,000 on January 2, 20X7 (purchased for $150,000 on December 16, 20X2). The building was depreciated using MACRS straight-line and depreciation in the amount of $20,000 has been taken. The amount and nature of the gain upon sale is

$66,000 Sec. 1231 gain and $4,000 ordinary income
		$70,000 Sec. 1231 gain
		$50,000 Sec. 1231 gain and $20,000 ordinary income
		$70,000 ordinary income