Pidgeon,Inc.has the following gains and losses from Section 1231 property during 2016: 
No net Section 1231 losses have been deducted as ordinary losses in prior years.How much of the 2016 Section 1231 gains and losses are recognized as long-term capital gains?
Definitions:
Common Resources
Natural or man-made resources that are not owned by anyone, tend to be overused or depleted, and are difficult to exclude people from using.
Public Goods
Goods that are non-excludable and non-rivalrous, meaning they can be used simultaneously by more than one person without diminishing availability to others.
Private Goods
Goods that are excludable and rival in consumption, meaning their use by one person prevents use by another.
Nonrival
A characteristic of a good whereby one person's consumption does not diminish the availability of that good for consumption by others.
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