15. James sells equipment tor $2.500 which had been purchased for $15,000 and on which $13,254 of depreciation had been taken. He had used the equipment in his business for severai years. James has: a. $754 Section 1231 gain. b $754 Section 1245 gain. $754 capital loss. d $2,500 Section 1231 gain. e. None of the above. 16. Which of the tollowing would NOT be S 1231 property? a. Equipment used for personal use activity and held more than 12 months. b. Equipment used in a business and held more than 12 months c Land used in a business and held more than 12 months. d. Building used in a business and held more than 12 months e All of the above are s 1231 property. 17. During 2018, Mona had the following receipts: $40,000 salary from a savings account. She had a capital loss of s4,000 Erom the sale of a stoc investment. Mona's AGI for 2018 is: , and $6,000 intezest a. $42,000 b $43,000 c. $49,000 d. $62,000 e. None of the above. 18. Trey, age 16, could be claimed as a dependent on his parents' tax return. Dur 2018, he had interest income of $1,250 from a savings account and $300 wages part-time job. Trey's taxable income is: a $500. b $550. c $900. d $1,200. e None of the above