During 2018, Silverado Corporation has the following Section 1231 gains and losses:
?
$$\begin{array} { l c }
\text { Casualty loss}& \$ ( 10,000 ) \
\text { Section } 1231 \text { gains } & 12,000 \
\text { Section } 1231 \text { losses } & ( 3,000 )
\end{array}$$
During the period 2013 - 2017, the corporation recognized $8,000 of net Section 1231 losses as ordinary losses that have not been recaptured. How much of the 2018 Section 1231 gains and losses are recognized as long-term capital gains?
A)$- 0 -
B)$1,000
C)$9,000
D)$10,000
E)$12,000

Question

During 2018, Silverado Corporation has the following Section 1231 gains and losses:
?
$$\begin{array} { l c } 
\text { Casualty loss}& \$ ( 10,000 ) \
\text { Section } 1231 \text { gains } & 12,000 \
\text { Section } 1231 \text { losses } & ( 3,000 )
\end{array}$$
During the period 2013 - 2017, the corporation recognized $8,000 of net Section 1231 losses as ordinary losses that have not been recaptured. How much of the 2018 Section 1231 gains and losses are recognized as long-term capital gains?
A)$- 0 -
B)$1,000
C)$9,000
D)$10,000
E)$12,000

Quizplus · Accepted Answer

The Answer of During 2018, Silverado Corporation has the following Section 1231 gains and losses:
?
$$\begin{array} { l c } 
\text { Casualty loss}& \$ ( 10,000 ) \
\text { Section } 1231 \text { gains } & 12,000 \
\text { Section } 1231 \text { losses } & ( 3,000 )
\end{array}$$
During the period 2013 - 2017, the corporation recognized $8,000 of net Section 1231 losses as ordinary losses that have not been recaptured. How much of the 2018 Section 1231 gains and losses are recognized as long-term capital gains?
A)$- 0 -
B)$1,000
C)$9,000
D)$10,000
E)$12,000

During 2018, Silverado Corporation Has the Following Section 1231 Gains