WAM Corporation sold a warehouse during the current year for $830,000. The building had been acquired in 1993 at a cost of $730,000 and had total straight-line depreciation of $510,000.What is the amount and nature of the gain or loss on the sale of the warehouse?
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| Cost | $730,000 |
| Accumulated Depreciation | 510,000 |
| Adjusted Basis | 220,000 |
| Amount Realized | $830,000 |
| Adjusted Basis | 220,000 |
| Gain | $310,000 |
| Recapture under 1250 | 0 |
| Recapture, if under 1245 | 310,000 |
| Sec. 291 recapture 20% of 1245 recap. | $ 62,000 |
| Sec. 1231 gain ($310,000 - 62,000) | $248,000 |
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