The Following Gains and Losses Pertain to Jimmy's Business Assets

Essay

The following gains and losses pertain to Jimmy's business assets that qualify as Sec. 1231 property. Jimmy does not have any nonrecaptured net Sec. 1231 losses from previous years, and the portion of gain recaptured as ordinary income due to the depreciation recapture provisions has been eliminated.
$\begin{array}{llr} \text { Gain due to insurance reimbursement for hurricane damage } &\$24,000\\ \text { Loss due to condemnation } &\$21,000\\ \text {Gain due to the sale of Sec. 1231 property } &\$18,000\end{array}$

Describe the specific tax treatment of each of these transactions.