This year Pranav had the gains and losses noted below on property,plant and equipment used in his business.Each asset had been held longer than one year. A review of Pranav's reporting of Sec.1231 transactions for the prior five years indicates a net Sec.1231 loss of $14,000 three years ago and a net Sec.1231 gain of $8,000 last year (before the five-year lookback).Pranav will recognize

Question

This year Pranav had the gains and losses noted below on property,plant and equipment used in his business.Each asset had been held longer than one year.  A review of Pranav's reporting of Sec.1231 transactions for the prior five years indicates a net Sec.1231 loss of $14,000 three years ago and a net Sec.1231 gain of $8,000 last year (before the five-year lookback).Pranav will recognize

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The Answer of This year Pranav had the gains and losses noted below on property,plant and equipment used in his business.Each asset had been held longer than one year.  A review of Pranav's reporting of Sec.1231 transactions for the prior five years indicates a net Sec.1231 loss of $14,000 three years ago and a net Sec.1231 gain of $8,000 last year (before the five-year lookback).Pranav will recognize

This Year Pranav Had the Gains and Losses Noted Below