1) Ashburn reported a $104,800 net 1231 gain in year 6. Assuming Ashburn reported $51,000 of nonrecaptured 1231 losses during years 1-5, what amount of Ashburn's net 1231 gain for year 6, if any, is treated as ordinary income?

Multiple Choice

• $0.

• $53,800.

• $51,000.

• $104,800.

• None of the choices are correct.

2) Tom recently received 2,160 shares of restricted stock from his employer, Independence Corporation, when the share price was $11 per share. Tom's restricted shares vested three years later when the market price was $15. Tom held the shares for a little more than a year and sold them when the market price was $13. What is the amount of Tom's income or loss on the sale?

Multiple Choice

• $0.

• $2,160 loss.

• $4,320 gain.

• $4,320 loss.

3) Stevie recently received 1,100 shares of restricted stock from her employer, Nicks Corporation, when the share price was $10 per share. Stevie's restricted shares vested three years later when the market price was $13. Stevie held the shares for a little more than a year and sold them when the market price was $14. Assuming Stevie made a section 83(b) election, what is the amount of Stevie's ordinary income with respect to the restricted stock?

Multiple Choice

• $0.

• $1,100.

• $11,000.

• $14,300