Skip to Main content Question 1 Question 2 Question 3 Question 4 Question 5 Question 6 Question content area top Part 1 Ziegler Corporation purchased residential real estate several years ago for $ 310 comma 000, of which $ 50 comma 000 was allocated to the land and $ 260 comma 000 was allocated to the building. Ziegler took straight-line MACRS deductions of $ 40 comma 000 during the years it held the property. In the current year, Ziegler sells the property for $ 350 comma 000, of which $ 60 comma 000 is allocated to the land and $ 290 comma 000 is allocated to the building. Requirement What are the amount and character of Ziegler's recognized gain or loss on the sale