28) Kevin has the following gains and losses this year all on 1231 property used in business: Regular 1231 losses $16,000 Regular 1231 gains $13,000 Casualty loss $1,000 Casualty gain $3,000 He had a $6,000 net 1231 loss 2 years ago. In addition, Kevin has other long term capital gains of $5,000 and other short term capital losses of $2,000. How will these gains and losses affect his taxes this year (i.e., what is the amount and character of her taxable gains or losses after any necessary netting)? (6 points) 4

28) Kevin has the following gains and losses this year all on $1231 property used in business: - Regular 1231 losses $16,000 - Regular 1231 gains $13,000 - Casualty loss $1,000 - Casualty gain $3,000 He had a $6,000 net $1231 loss 2 years ago. In addition, Kevin has other long term capital gains of $5,000 and other short term capital losses of $2,000. How will these gains and losses affect his taxes this year (i.e., what is the amount and character of her taxable gains or losses after any necessary netting)? ( 6 points)