Edward is the sole owner of an LLC. Edward and the LLC had several transactions during the year. Determine the tax consequences of these transactions. Assume that Edward and the LLC have had no prior 1231 losses in previous years and no other sales of Section 1231 assets this year. 0 Land held for investment for 13 months titled to Edward is sold at a gain of $44,000 Inventory used in the LLC is sold for a loss of $22,600 Casualty loss from a fire in the warehouse of $55,000 The parking lot adjacent to the business is sold at a gain of $21,000 after being held for more than one year

Current Attempt in Progress Edward is the sole owner of an LLC. Edward and the LLC had several transactions during the year. Determine the tax consequences of these transactions. Assume that Edward and the LLC have had no prior 1231 losses in previous years and no other sales of Section 1231 assets this year: - Land held for investment for 13 months titied to Edward is soid at a gain of $44,000 - Inventory used in the LLC is sold for a loss of $22,600 - Casualty loss froma fire in the warehouse of $55,000 - The parking lot adjacent to the business is sold at a gain of $21,000 after being held for more than one year