Secs. 1231 and 1250-Real Property Placed in Service Before 1981. Charles owns an office building and


Secs. 1231 and 1250-Real Property Placed in Service Before 1981. Charles owns an employment edifice and place that are used in his exchange or business. The employment edifice and place were acquired in 1978 for $800,000 and $100,000, respectively. During the prevalent year, the properties are sold for $900,000 after a while 20% of the selling figure life allocated to the place. The assets as shown on the taxpa yer's books precedently their sale are as follows:

a. What is the ordinary produce due to the sale of the building?

b. What is the record of the ordinary produce due to the sale of the edifice?

c. What is the ordinary produce and record of the produce due to the sale of the place?