Jonathan has the following separate casualties during the year:

	Decrease in Fair Market Value	Adjusted Basis	Insurance Reimbursement	Holding Period
Personal furniture	$2,000	$3,000	$1,600	3 months
Personal jewelry	3,000	1,800	2,500	8 years
Business machinery	15,000	14,000	10,000	3 years

Calculate the amount and nature of Jonathan's gains and losses as a result of these casualties.

	Amount of Gain or Loss	Gain or Loss
Personal furniture	$	Short-term loss
Personal jewelry	$	Long-term gain
Business machinery	$	Long-term loss

Personal casualty gains and losses:
Since there is an overall net personal casualty gain  of $, the gain or loss on each item of personal property is treated as a capital  gain or loss.
 

Business casualty gains and losses:
There is a business ordinary loss  of $.

The capital gain and capital loss are netted with other capital  gains and losses for the year.