Josie, Inc was incorporated in 2014. Josie, Inc had the followimg Section 1231 gains and losses) 2014 ($6.900) 2015, 2016, 2017 2018 (14,000) 2019 In 2020 Josie, Inc recognized a $ 70,000 gain on the sale of land used in its trade or business. Ho will this gain be characterized Imn Josie inc's 2020 tax return? Multiple Choice O $70.000 Section 1231 gain O $70,000 ordinary income 0 O $20.900 ordinary income and $19100 Section 1231 gain 0 0 $14.000 ordinary income and $56.000 Section 1231 gain Josie, Inc was incorporated in 2014. Josie, Inc had the followimg Section 1231 gains and losses) 2014 ($6.900) 2015, 2016, 2017 2018 (14,000) 2019 In 2020 Josie, Inc recognized a $ 70,000 gain on the sale of land used in its trade or business. Ho will this gain be characterized Imn Josie inc's 2020 tax return? Multiple Choice O $70.000 Section 1231 gain O $70,000 ordinary income 0 O $20.900 ordinary income and $19100 Section 1231 gain 0 0 $14.000 ordinary income and $56.000 Section 1231 gain