The Following Are Gains and Losses Recognized in 2016 on Ann's

question 95

Essay

The following are gains and losses recognized in 2016 on Ann's business assets that were held for more than one year. The assets qualify as Sec. 1231 property.
$\begin{array}{ll}\text { Gain due to insurance reimbursement for casualty } & \$ 20,000 \\\text { Gain due to a condemnation } & 30,000 \\\text { Loss due to the sale of Sec. } 1231 \text { property } & 17,000\end{array}$
A summary of Ann's net Sec. 1231 gains and losses for the previous five-year period is as follows:
$\begin{array}{lcc}\text { Year }&\text { Sec. } 1231 \text { Gain } &\text { Sec. } 1231 \text { Loss }\\2011 & \$ 5,000 & \\2012 & & \$ 3,000 \\2013 & & \$ 17,000 \\2014 & \$ 12,000 & \\2015 & & \$ 10,000\end{array}$
Describe the specific tax treatment of each of the current year transactions.

---

Definitions:

Hispanic Americans

Individuals in the United States who trace their roots to Spanish-speaking countries in Latin America and Spain, contributing to the cultural diversity of the U.S.

Mortality Rate

The quantification of death rates within a given population, adjusted for its size, over a specific time period.

African Americans

A racial or ethnic group in the United States with ancestry tracing back to Africa, particularly Sub-Saharan Africa.

White Americans

Refers to residents of the United States who identify as white, encompassing a diverse range of backgrounds, including European descent.