Facts and information beloware needed to resolve questions 24 through 26:
Jim Realty LLC, a partnership owned entirely by individuals,sells an apartment building for $72,200,000. The basis of thebuilding immediately prior to the sale is as follows
| Unadjusted Tax Basis | |
| land | 15,000,000 | - |
| Building | 60,000,000 | (20,000,000) |
| Furniture & Fixtures Original Cost | 300,000 | (100,000) |
24. Using the above information, determine the gain orloss on the sale of the apartment building to the individualowners.
25. Assuming that the allocation of the selling price is$20,000,000 to land, $52,000,000 to building and $200,000 tofurniture and fixtures, prepare an estimate of the totaltaxes for the owners on the sale.
26. Prepare an alternative calculation for the sale with thetotal sales price of $72,200,000 that would result in lower taxesfor the individuals
