Irby Inc. was incorporated in 2012 and adopted a calendar year. Here is a schedule of Irby's net Section 1231 gains and (losses) reported on its tax returns through 2017. 2012 2013 2014 2015 2016 2017 01944(4,900)(3,000) (7,890) $45,600 $-0- $1,300 In 2018, Irby recognized a $14,750 gain on the sale of business land. How is this gain characterized on lrby's tax return? Multiple Choice 14750 Section 1231 gain. $10,890 ordinary gain and $9,415 Section 1231 gain. $14,750 ordinary gain