30. Which additional criterion is needed to qualify the sale of unharvested crops as Section 1231 property? >Growing on land used in a business and held for at least nine months, plus both crops and land sold together to the same buyer. >Growing on land used in a business and held for at least one year, plus both crops and land sold together to the same buyer. >Growing on land used in a business and held for at least one year, plus both crops and land sold to more than one buyer >Growing on land used in a business and held for at least nine months, plus both crops and land sold to more than one buyer

31 A taxpayers gain and losses for the year pertaining to business assets that qualify as section 1231 property are as follows: Losses due to insurance reimbursement for theft $20,000 Gain due to insurance reimbursement for fire damage $8000 Gain due to building condemnation $23,000 Loss due to sale of property $10,000

There are no non-recaptured net Section 1231 losses from previous years. What is the tax treatment for casualty and theft transactions? >Net Section 1231 gain of $1000 >Net section 1231 loss of $12,000 >Ordinary gain of $31,000 and an ordinary loss of $30,000 >Ordinary gain of $8000 and an ordinary loss of $20,000