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Sheena Maskell Sheena Maskell
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7 years ago
The following are gains and losses recognized in 2010 to Ann's business assets that were held for more than one year. The assets qualify as Sec. 1231 property.

Gain due to insurance reimbursement for casualty   $20,000
Gain due to a condemnation   30,000
Loss due to the sale of Sec. 1231 property   17,000

A summary of Ann's net Sec. 1231 gains and losses for the previous five-year period is as follows:
   Cumulative Nonrecaptured
Year   Sec. 1231 Gain   Sec. 1231 Loss   Net 1231 Losses
2006   $5,000   $-0-
2007   $3,000   $3,000
2008   $7,000   $10,000
2009   $12,000   $-0-
2010   $10,000   $10,000

Describe the specific tax treatment of each of these transactions.
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
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Yoko900Yoko900
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