Natalie has two transactions during the year: $12,000 Section 1231 gain $9,000 Section 1231 loss What is the proper treatment of the gains and losses for tax purposes? ANSWER Unselected $3,000 ordinary gain Unselected $12,000 ordinary gain and $9,000 capital loss Unselected $12,000 capital gain and $9,000 ordinary loss Unselected $12,000 capital gain and $9,000 capital loss