Poseidon is in the business of catching and selling lobster on the Maine coast.

In the current year, Poseidon sold a parcel of land used in his business for $115,000; he paid $100,000 for the land four years ago. Poseidon also sustained an uninsured loss as a result of the theft of his lobster boat that he used in his business for three years; at the time of theft, the boat had an adjusted basis of $10,000 and a value of $15,000.

What are the tax consequences of the land sale and boat loss?