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Requirement Which of the following transactions or events is treated as a Sec. 1231 gain or loss? All assets are held for more than one year. (Complete all input fields. If the transaction or event is not a Sec. 1231 gain/loss, select "Not applicable".) Sec. 1231 Transactions or events a. Theft of uninsured diamond ring, with an $800 basis and a $1,000 FMV. b. Gain due to condemnation of land used in business. c. Loss on the sale of a warehouse. d. Gain of $4,000 on the sale of equipment. Depreciation deductions allowed amount to $10,000. Sec. 1231 gain Sec. 1231 loss Not applicable