1. Snapz, LP was formed in 2012 and adopted a calendar tax year. Here is a schedule of Snapz's net Section 1231 gains and (losses) reported on its tax returns through 2017.

2012	2013	2014	2015	2016	2017
(2,000)	4,000	(12,250)	(1,080)	-0-	1,300

In 2018, Snapz recognizes a $24,750 gain on the sale of business land. How is this gain characterized on Snapz's 2018 tax return (portion of the amount ordinary and capital)?

Ordinary Income __________________________________________

Capital Gain _____________________________________________ _______________________________________________________________________________

2. indicate the tax rate (if any) that would apply to a US individual:

"C" = Capital gain tax rate

"O" = Ordinary tax rate

"N" = No tax

____. Management fee income collected from running the operations of an apartment complex.