Betty,a single taxpayer with no dependents,has the gains and losses shown below.Before considering these transactions,Betty has $45,000 of other taxable income.What is the treatment of the gains and losses and what is Betty's taxable income?
§ 1245 gain #1
$18,000
§ 1245 gain #2
5,000
Business equipment long-term casualty loss
(8,000)
Business real property long-term casualty gain
12,000
§ 1231 gain
13,000
§ 1231 lookback loss
(2,000)

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The Answer of Betty,a single taxpayer with no dependents,has the gains and losses shown below.Before considering these transactions,Betty has $45,000 of other taxable income.What is the treatment of the gains and losses and what is Betty's taxable income?
§ 1245 gain #1
$18,000
§ 1245 gain #2
5,000
Business equipment long-term casualty loss
(8,000)
Business real property long-term casualty gain
12,000
§ 1231 gain
13,000
§ 1231 lookback loss
(2,000)

Betty,a Single Taxpayer with No Dependents,has the Gains and Losses