Jamie owned a machine with a current loan balance of $40,000. He bought the machine several years ago for $60,000 and has claimed $15,000 of depreciation expense. Jamie sold the machine to a third party buyer for $30,000 cash. The buyer also agreed to assume Jamie's oustanding machine loan balance. What is the amount and character of Jamie's gain or loss? Multiple Choice $25,000 $1231 gain. $15,000 $1231 loss. $15,000 ordinary gain and $10,000 Sec 1231 gain