Kenneth is the sole owner of an LLC. Kenneth and the LLC had several transactions during the year. Determine the tax consequences of these transactions. Assume that Kenneth and the LLC have had no prior 1231 losses in previous years and no other sales of Section 1231 assets this year. - Land held for investment for 13 months titled to Kenneth is sold at a gain of $46,000 - Inventory used in the LLC is sold for a loss of $22,900 - Casualty loss from a fire in the warehouse of $54,000 - The parking lot adjacent to the business is sold at a gain of $22,000 after being held for more than one year eTextbook and Media