Question $11(1$ point$)$

A recent article in the Providence Journal, has an article today about The "Star Building", It recently sold having been purchased $11$ years ago for $$550,000.$ It is your understanding that during that period straight$-$line depreciation of $4\%$ per year was used to reduce the taxable income from this investment held in an Limited Partnership. The building sold for the a price stated in the article below. As noted in the article Improvements of $$350,000$ were made to the building just before it was sold. Note: the improvements were not capitalized $($no depreciation was taken for the improvements in any prior tax year$).$ What is the capital gain once the property is sold? Give your answer to the nearest dollar. Example for an answer of $$894,901$ enter the value $894901$ Bonus question

The Ilrouidenter Journal

Yesterday the "Star Building" built in $1963$ sold for $$1,200,000.$ It's new owners plan to renovate the building in the spring. Plans include upgrades to the lobby and HVAC.

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