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Question - Aqua Corporation purchases nonresidential real property on May 9, 2012, for $2,780,000. Straight-line cost recovery is taken in the amount of $278,000 before the property is sold on November 30, 2015, for $4,170,000.
a. Compute the amount of Aqua's recognized gain on the sale of the realty.
b. Determine the amount of the recognized gain that is treated as § 1231 gain and the amount that is treated as § 1250 recapture due to § 291.
match terms and definitions. put your answer in the space
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