$10.$ True or false: It's likely that a portion of the gain from the sale of a delivery truck will be treated as section $1231$ gain $($long term capital gain$).$

$11.$ Bluetin, Inc., has a $2024$ net $1231$ loss of $$64,000$ and had a $$32,000$ net $1231$ gain in $2020.$ For $2024,$ Bluefin's net $1231$ loss is treated:

A$.$ Capital loss

b$.$ Ordinary loss

C$.$ Capital loss

D$.$ Capital gain

$12.$ All of the following assets are held for more than one year. All are examples of section $1231$ assets except:

a$.$ Nova Corporation owns land used as an employee parking lot

$.$b$.$ Alpha Company owns land held as an investment.

C$..$ A self$-$employed contractor owns a truck he uses exclusively in his trade or business.

D$.$ MedPro Associates owns the office building in which its medical practice is located.

$13.$ The following assets in Paul's business were sold in $2024$:

Machinery

Holding period: $3$ years

Gain$/($loss$)$ :$$1100$

Delviery van:

Holding period: $9$ months

Gain$/($loss$)$: $(800)$

Beta corp stock $($capital asset$)$

Holding period: $2$ years

Gain$/($loss$)$: $$1400$

The machinery had zero adjusted basis and was purchased for $$8,000.$ The delivery van was purchased for $$2,000$ and sold for $$1,200.$ The stock was purchased for $$1,800$ and sold for $$3,200.$ Paul should report what amount of net capital gain and net ordinary income for $2024?$

a$.$ $$1700$ LTCG

B$.$ $$600$ LTCG; $$300$ ordinary gain

C$.$ $$1,400$ LTCG; $$300$ ordinary gain

D$.$ $$2,500$ LTCG; $$800$ ordinary

$14.$ Which of the following would create $1245$ depreciation recapture and $1231$ gain

a$.$ Land held more than one year and sold for more than was paid for it$.$

b$.$ Inventory held more than one year and disposed of for less than its cost.

C$.$ A note receivable held more than one year and sold for less than was paid for it$.$

d$.$ Depreciable equipment held more than one year and sold for more than its original cost