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

Question

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

Quizplus · Accepted Answer

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

Betty, a Single Taxpayer with No Dependents, Has the Following