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What is the amount and character of wrangler gain or loss

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Question - Wrangler, Inc. sold a building and land used for business purposes for a total of $550,000. Wrangler properly allocates the sale price between the building, $350,000, and land, $200,000. Wrangler bought land and building 6 years ago for a total purchase price of $450,000 with $325,000 allocated to the building and $125,000 allocated to the land. Over the years, Wrangler has recognized $50,000 of depreciation. Please show work. What is the amount and character of Wrangler's gain or loss on the building and the land?

Reference no: EM132966912

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