Wally, Inc., sold the following three personal property assets in year 6:

What is Wally’s net Section 1231 gain or loss in year 6?

a. $500 loss

b. $300 gain 

c. $800 gain

d. $1,600 gain

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Accumulated Depreciation Purchase Date Selling Price Asset Cost 5/1/year 3 8/13/year 4 A $5,000 1,200 3,800 $3,000 $2,300 500 2,000 1,500 2/18/year6 1,800