Betty, a single taxpayer with no dependents, has the gains and losses shown below.

Before considering these transactions, Betty has $45,000 of other taxable income.

What is the treatment of the gains and losses and what is Bettys taxable income?

1245 gain #1 $18,000

1245 gain #2 5,000

Business equipment long-term casualty loss (8,000)

Business real property long-term casualty gain 12,000

1231 gain 13,000

1231 lookback loss (2,000)