Jay sold three items of business equipment for a total of $300,000. None of the equipment was appraised to determine its value. Jay's cost and adjusted basis for the assets are shown below. Asset Cost Adjusted Basis Skidder $230,000 $40,000 Driller 120,000 60,000 Platform 620,000 -0- $970,000 $100,000 Total Jay has been unable to establish the fair market values of the three assets. All he can determine is that combined they were worth. $300,000 to the buyer in this arm's length transaction. How should Jay allocate the sales price and figure the gain or loss on the sale of the three assets? If an amount is zero, enter "0". a. First, Jay must consider that 1245 gain requires taxpayers to treat all gain as ordinary income unless the property is disposed of for more than was paid for it.. Feedback b. If Jay treats the assets as a single group, determine amount and nature of the gain or loss. There is an overall gain of $ of which $ is 1245 gain