14.

Lilian sells her personal use automobile for $5,200 in 2021. The automobile is a personal use asset. She purschase the automobile 5 years ago for $6,200.

a. Determine the initial gain or loss amount in 2021. Enter an absolute amount.

b. Determine the treatment of the gain or loss amount on her 2021 return:

(Select one of the choices and enter to the box: no gain or loss, ordinary gain, ordinary loss, short term capital loss, short term capital gain, long term capital gain, long term capital loss) DO NOT ENTER THE DASH.

13. Benny owns Reneta, Inc., that has a 2021 net 1231 gain of $84,000 and had a $68,000 net 1231 loss in 2020.

Determine the amount of section 1231 gain or loss in 2021.