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What are the amount and character of young recognized gain

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Question - Depreciation Recapture. Young Corporation purchased residential real estate several year ago for $225,000, of which $25,000 was allocated to the land and $200,000 was allocated to the building. Young took straight-line MACRS deductions of $30,000 during the years it held the property. In the current year, Young sells 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 amount and character of Young's recognized gain or loss on the sale?

Reference no: EM131909865

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