In 2011, Jim Had a $5,000 Net Section 1231 Gain

question 108

Multiple Choice

In 2011, Jim had a $5,000 net Section 1231 gain. In 2013, Jim reported a Section 1231 loss of $12,000. In 2014, Jim has a $15,000 net Section 1231 gain. He had no other sales of property in 2014. What is Jim's ordinary income from his 2014 property transactions?

• A) $ - 0 -
• B) $ 7,000
• C) $ 3,000
• D) $12,000
• E) $15,000

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Definitions:

Renal Corpuscle

A structure in the kidney that includes the glomerulus and Bowman's capsule, where blood filtration begins.

Functional Unit

A functional unit refers to the smallest structure within an organ that can perform all of the functions of that organ.

Nephron

The basic structural and functional unit of the kidney, essential in the process of filtering blood to produce urine.

Plasma Protein

Proteins found in blood plasma, including albumin, globulin, and fibrinogen, responsible for maintaining osmotic pressure, immunity, and blood clotting.