James Corporation purchased residential real estate in 2012 for $225,000, of which $25,000 was allocated to land and $200,000 was allocated to the building. James Corporation took straight-line MACRS deductions of $30,000 during the years 2012-2017. In 2018, James Corporation sold the property for $285,000, of which $60,000 is allocated to the land and $225,000 is allocated to the building. What
are the amounts and character of James Corporation's recognized gain or loss on the sale?
What will be an ideal response?
Business
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