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Aqua Corporation purchases nonresidential real property on May 8, 2017 for $1,650,000

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Aqua Corporation purchases nonresidential real property on May 8, 2017 for $1,650,000. Straight line cost recovery is taken in the amount of $165,000 before the property is sold on November 27, 2020, for $2.475,000 3. 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 (ordinary Income due to s 291) $1231 gali $1250 recapture ordinary income due to 5 291)