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14. Amy sold a building (AB $600,000; AD $400,000) and land (AB $50,000) (both purchased in 2012) to a corporation in which she was a 70% shareholder. The selling price was $1,200,000, allocated 30% to the land and 70% to the building. What is the character of the gain on the sale? Ordinary Income Sec. 1231 a. $240,000 $310,000 b. Zero $550.000 c. $550,000 Zero d. $310,000 $240,000 e. None of the answers provided is correct