During 2023, a flood destroyed machinery held for two years and a building held for five...

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During 2023, a flood destroyed machinery held for two years and a building held for five years, both used in the business. After the insurance proceeds, the corporation realized a $15,000 loss on the machine and a $50,000 gain on the building. How will the gains and losses from the casualties be reported? O A. Ordinary income of $35,000 B. Ordinary loss of $15,000 and 1231 gain of $50,000 C. 1231 gain of $35,000 D. 1231 loss of $15,000 and ordinary income of $50,000 ne 13 During 2023, a flood destroyed machinery held for two years and a building held for five years, both used in the business. After the insurance proceeds, the corporation realized a $15,000 loss on the machine and a $50,000 gain on the building. How will the gains and losses from the casualties be reported? O A. Ordinary income of $35,000 B. Ordinary loss of $15,000 and 1231 gain of $50,000 C. 1231 gain of $35,000 D. 1231 loss of $15,000 and ordinary income of $50,000 ne 13

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