Yeoman Corporation purchased residential real estate several years ago for 330,000 , of which 60,000 was allocated to the land and 270,000 was allocated to the building. Yeoman took straight-line MACRS deductions of 270,000 during the years it held the property. In the current year, Yeoman sells the property for 400,000 , of which 110,000 is allocated to the land and 290,000 is allocated to the building.

What are the amount and character of Yeoman recognized gain or loss on the sale?

	Land	Building	Total
Amount of gain:
1
2
Recognized gain

Adjustment basis Minute adjustable basic

Depreciation Recapture Deprecation recapture

Deprecation Minute sec 1231 gain

Sale Price Plus adjustable basis

Sec 1231 gain Plus depreciation

Sale Price

Next: Determine the characteristic of the gain or loss on the sale of the land and the building

	Land	Building	Total
Amount of gain:
3
4
Recognized gain