1. This year jenna had the gains and losses noted below on property, plant and equipment used in her business. Each asset had been held longer than one year. Jenna has not previously disposed of the any business assets.

_ Loss due to insurance reimbursement for fire……………………$(17,000)

_ Loss due to condemnation…………………………………………………..(12,000)

_ Gain on sale of see. 1231 property………………………………………..21000

Jenna will recognize

A).

Ordinary gain (loss)	LTCG (L)
$(17,000)	$9,000

B).

Ordinary gain (loss)	LTCG (L)
$(29,000)	$21,000

C).

Ordinary gain (loss)	LTCG (L)
$(8,000)	$0

D).

Ordinary gain (loss)	LTCG (L)
$(12,000)	$4,000

Answer rating: 100% (QA)

Ordinary gain loss LTCG L 17000 9000 Explanation The Casualty loss on ... View the full answer