McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

Exercise 59

Bingaman Resources sold two depreciable §1231 assets during the year.One asset resulted in a large gain (the asset was sold for more than it was purchased for) and the other resulted in a small loss.Describe the §1231 netting process for Bingaman.