Gemini Auto Repair is a calendar year taxpayer. In 2018, the repair shop purchased a light weight truck that it used to drive customers back and forth to their cars while the shop worked on their cars (i.e. for business purposes). In 2019, it sold the truck for a total gain of $15,000 and the accumulated depreciation for the truck was $9,500.

What was the character of the 2019 gain on the sale of the truck, assuming that Gemini did not sell any other assets that year and that the shop had not had any Sec. 1231 losses in the past 10 years? If there is more than one type of character that is relevant to the gain, state the specific dollar amount associated with each type of character that makes up the total gain and/or income from the sale transaction for Gemini in 2019.

I. $5,500 ordinary income only

II. $9,500 ordinary income only

III. $15,000 ordinary income only

IV. $9,500 ordinary income, $5,500 long-term capital gain

V. $5,500 ordinary income,$9,500long-term capital gain

VI. $15,000long-term capital gain only