Yett Corporation purchased residential real estate several year ago for $ 285,000 of which $ 35,000 was allocated to the land and $ 250,000 was allocated to the building. Yett took straight-line MACRS deductions of $ 70,000 during the years it held the property. In the current year, Yett sells the property for $ 305,000, of which $ 45,000 is allocated to the land and $ 260,000 is allocated to the building.

What are the amount and character of Yett's recognized gain or loss on the sale?

	Land	Building	total
Recognized gain or loss

determine the character of the gain or loss on sale of the land and building.

Character og gain	Land	Building	Total
Recognized gain or loss