Hotchpot engaged in $($or encountered$)$ the following transactions $($or events$)$ in the current year. Determine separately for each part $($a$)$ through $($i$)$ how the matters indicated will be characterized for the current year, assuming in all parts other than $($g$)($i$)$ that $1231($c$)$ is inapplicable.

$($a$)$Hotchpot sells some land used in his business for four years for $$20,000.$ It had cost him $$10,000.$ He also receives $$16,000$ when the State condemns some other land that he had purchased for $$18,000$ three years ago which he has leased to a third person.

$($c$)$Hotchpot sells a building used for several years in his business, which he depreciated under the straight$-$line method. The sale price is $$15,000$ and the adjusted basis $$5,000.$ His two year old car, used exclusively in business, is totally destroyed in a fire. The car had a $$6,000$ adjusted basis but was worth $$8,000$ prior to the fire. He received $$4,000$ in insurance proceeds.

$($d$)$In addition to the building and the car in $($c$),$ above, assume that Hotchpot had a painting that he had purchased two years ago which was held in connection with his business and which was also destroyed in the fire. The painting had been purchased for $$4,000$ and he received $$8,000$ in insurance proceeds.

$($g$)$What result under the facts of $($d$),$ above $($building gain, car loss, and painting gain$),$ if four years before the fire Hotchpot had had a $$5,000$ net $1231$ loss and three years before a $$3,000$ net $1231$ loss, and he had had no other $1231$ transactions in other years.