Exercise 17-20 (Algorithmic) (LO. 1) Aqua Corporation purchases nonresidential real property on May 8, 2018, for $1,560,000. Straight-line cost recovery is taken in the amount of $156,000 before the property is sold on November 27, 2021, for $2,340,000. a. Compute the amount of Aqua's recognized gain on the sale of the realty. b. Determine the amount of the recognized gain that is treated as $ 1231 gain and the amount that is treated as $ 1250 recapture (ordinary income due to § 291). § 1231 gain: § 1250 recapture (ordinary income due to § 291):