Cassie Owns Equipment ($45,000 Basis and $30,000 FMV)and a Building

question 31

Multiple Choice

Cassie owns equipment ($45,000 basis and $30,000 FMV) and a building ($152,000 basis and $158,000 FMV) ,which are used in Cassie's business.Cassie has used straight-line depreciation for both assets,which were acquired two years ago.Both the equipment and the building are destroyed in a fire,and Cassie collects insurance proceeds equal to the assets' FMV.The tax result to Cassie for this transaction is a

• A)$15,000 Sec.1231 loss and a $6,000 ordinary gain.
• B)$15,000 ordinary loss and a $6,000 ordinary gain.
• C)$15,000 ordinary loss and a $6,000 Sec.1231 gain.
• D)$15,000 Sec.1231 loss and a $6,000 Sec.1231 gain.

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