Problem 14-76 (a) (LO. 8, 10) On September 3, 2016, Ivory Company acquired an apartment building for $1,500,000 (with $300,000 being acated t straight-line cost recovery method was used. The property was sold on September 30, 2019, for $1,400,000 Click here to access the Exhibit for MACRS Straight-Line Depreciation for Real Property The If an amount is zero, enter "0". Do not round cost recovery factors. Round the total cost recovery deduction to the nearest dollar. a. Compute the cost recovery and adjusted basis for the building The cost recovery is $ 99,842.36 X, and the adjusted bass for the building is t 1,105,110 x Feedback Check My Work Generally, 5 1250 property is depreciable real property (principally buildings and their structural components) that is not subject to $1245 Intangible real property, such as leaseholds of 1250 property, is also included. b. What are the amount and nature of Ivory's gain or loss from disposition of the property? What amount, if any, of the gain unrecaptured 5 1250 gain? There is $ recapture. 294,882 X of recognized gain on the sale of the property, of which 0 is subject to 1250 Feedback Previous