6. Wally, Inc., sold the following three personal property assets in year 6: Asset Purchase Date Cost

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6. Wally, Inc., sold the following three personal property assets in year 6:

Asset Purchase Date Cost Accumulated Depreciation Selling Price A 5/1/year 3 $5,000 $3,000 $1,300 B 8/13/year 4 1,200 500 1,100 C 2/18/year 4 3,800 1,800 1,500 What is Wally’s net § 1231 gain or loss in year 6?

a. $500 loss

b. $700 loss

c. $1,200 loss

d. $1,200 gain

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