Final answer:
Section § 291 is the one that recaptures or recharacterizes only corporate taxpayer's gains as ordinary income when dealing with depreciable real property. It specifically applies to corporations and mandates that a portion of the gain be treated as ordinary income due to depreciation recapture.
Step-by-step explanation:
The section that recaptures or recharacterizes only corporate taxpayer's gains is § 291. This section specifically deals with the recapture of certain gains by corporations as ordinary income. When a corporation disposes of depreciable real property, § 291 requires corporations to recognize a portion of the gain as ordinary income, rather than as capital gain.
Section § 1245 applies more broadly to depreciable personal property and certain depreciable real property, causing the recapture of amounts deducted as depreciation as ordinary income upon sale or disposition of the property. Unrecaptured § 1250 gains relate to the portion of the gain from selling section 1250 property (generally real estate) that is due to depreciation and is taxed at a special 25% rate. Section § 1239 deals with the sale or exchange of property between related parties, and it makes certain gains ordinary income.