Question 11 3 pts Irby Inc. was incorporated in 2005 and adopted a calendar year-end. Here is a schedule of Irby's net Section 1231 gains and losses) reported on its tax returns through 2009. 2005 2007 2008 2006 (3,000) 0 (7,890) 2009 1,300 6,000 In 2010, Irby recognized a $14,750 gain on the sale of business equipment. How is this gain characterized on Irby's tax return? $11,160 Section 1231 gain and 3,590 ordinary income O $14,750 Section 1231 gain O $3,590 Section 1231 gain and 11,160 ordinary income O $14,750 ordinary income Next > Previous