PROBLEM Sally Slugger owns and operates a baseball bat manufacturing business named Field of Dreams. Field of Dreams has manufacturing facilities in several states and it manufactures and sells baseball bats to major league baseball teams, college and high school baseball teams across the country. Sally has decided to consolidate operations and Field of Dreams completed the sale of a facility in Iowa. In June of 2022 , Field of Dreams, NOT A CORPORATION, sold the following assets: The Iowa facility was acquired and placed in service in 2014. In 2018 , Field of Dreams sold land that it used as a parking lot for trucks used to transport baseball bats to its customers. The land was sold for $100,000. The land was purchased in 2008 for $400,000. In 2022 , Sally sold the following securities and assets: Field of Dreams income or loss is reported on Sally's income tax return. Assume Sally's marginal tax rate is 37%. Please calculate how much federal income tax Sally will owe on the above described transactions. For partial credit, you should identify how each of these transactions will be treated for income tax purposes (short term capital gain, long term capital gain, short term or long-term capital loss, Sec 1231 gain, Sec 1245 gain, unrecaptured Sec 1250 gain, ordinary gain or loss). This question is not that difficult, if you analyze each transaction one by one. PROBLEM Sally Slugger owns and operates a baseball bat manufacturing business named Field of Dreams. Field of Dreams has manufacturing facilities in several states and it manufactures and sells baseball bats to major league baseball teams, college and high school baseball teams across the country. Sally has decided to consolidate operations and Field of Dreams completed the sale of a facility in Iowa. In June of 2022 , Field of Dreams, NOT A CORPORATION, sold the following assets: The Iowa facility was acquired and placed in service in 2014. In 2018 , Field of Dreams sold land that it used as a parking lot for trucks used to transport baseball bats to its customers. The land was sold for $100,000. The land was purchased in 2008 for $400,000. In 2022 , Sally sold the following securities and assets: Field of Dreams income or loss is reported on Sally's income tax return. Assume Sally's marginal tax rate is 37%. Please calculate how much federal income tax Sally will owe on the above described transactions. For partial credit, you should identify how each of these transactions will be treated for income tax purposes (short term capital gain, long term capital gain, short term or long-term capital loss, Sec 1231 gain, Sec 1245 gain, unrecaptured Sec 1250 gain, ordinary gain or loss). This question is not that difficult, if you analyze each transaction one by one