need help with a tax planning scenario for the first part, selling the building:

Lakes Processing (Partnership 2 owners) wants to sell an old building they no longer use for business. They are wondering if they would come out paying less tax by renting out the building or by selling the building. I have evaluated the situation and have calculated the tax impacts to the company. Missing the Land

Selling the Building

The building Lakes Processing is interested in selling was purchased for $653,250 10 years ago, which included 53,250 for the value of the land. So far, Lakes Processing has claimed $203,250 of depreciation expense for the building. Fair Market Value, which would be the expected price for the building with the land to sell at, is assessed at 505,200.

The land is subject to section 1231 with no depreciation recapture

Calculations

Purchase Price	653,250
Less: land basis	-53,250
Less: depreciation expense	-203,250
Adjusted Basis		396,750
Sale price	505,200
Less: adjusted basis	-396,750
Realized Gain		108,450

The 1231 gain will be taxed at the long-term capital gain rates (which are much lower).

the character of the gain is ALL section 1250 unrecaptured to an individual

the Land is a section 1231 gain or loss

HELP with the calculations for the gain of the building and the land. please also include tax rates for my reference.

***if something does not make sense, please provide an alternative scenario for this project. all numbers and situations can be altered.