The following gains and losses pertain to Jimmy's business assets that qualify as Sec.1231 property.Jimmy does not have any nonrecaptured net Sec.1231 losses from previous years,and the portion of gain recaptured as ordinary income due to the depreciation recapture provisions has been eliminated. 
Describe the specific tax treatment of each of these transactions.
Definitions:
First Amendment
The amendment to the United States Constitution that guarantees freedoms concerning religion, expression, assembly, and the right to petition.
Supremacy Clause
A provision in the U.S. Constitution stating that federal law takes precedence over state laws and constitutions when they are in conflict.
Gas Pipeline
A specialized conduit designed to transport natural gas from its source to its point of use.
Petition the Government
The act of formally requesting or appealing to governmental authorities for a specific cause or action.
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