The following are gains and losses recognized in 2018 on Fred's business assets that were held for more than one year in his proprietorship business. The assets all qualify as Section 1231 property.

-Gain due to insurance reimbursement for business casualty loss......................$22,000

-Gain due to condemnation of business land..............................................$38,000

-Loss on sale of Section 1231 property.....($20,400)

-Gain on sale of Section 1231 depreciable equipment with selling price $60,000 and an adjusted basis of $36,000 after taking $48,000 of depreciation deductions on the equipment which had cost $84,000 in 2016................$24,000

A summary of Fred's Section 1231 gains and losses for the past five years is as follows:

Year Section 1231 gain Section 1231 loss

2013 $6,000 0

2014 0 (3,600)

2015 0 (20,400)

2016 14,000 0

2017 0 (12,000)

Describe the specific tax treatment of each current year transaction, stating whether the gain or loss is ordinary or capital and the applicable tax rates on any gains assuming that Fred's marginal tax rate in 2018 is 37 percent and his alternative rate on long term capital gain is 20 percent and that he is a single taxpayer in 2018.