Reference no: EM13683985

Larry is the sole proprietor of a trampoline shop. During 2014, the following transactions occurred.
*Unimproved land adjacted to the store was condemned by the city on February 1. The condemnation proceeds were $15,000. The land, acquired in 1985, had an allocable basis of $40,000. Larry has additional parking across the street and plans to use the condemnation proceeds to build his inventory.
*A truck used to deliver trampolines was sold on January 2 for $3,500. The truck was purchased on January 2, 2010, for $6,000. On the date of sale, the adjusted basis was zero.
*Larry sold an apartment building for $300,000 on September 1. The rental property was purchased on September 1, 2011, for $150,000 and was being depreciated over a 27.5-year life using the straight line method. At the date of sale, the adjusted basis was $124,783.
*Larry's personal yacht was stolen on September 5. The yacht had been purchased in August at a cost of $25,000. The fair market value immediately preceding the theft was $19,600. Larry was insured for 50% of the original cost, and he received $12,500 on December 1.
*Larry sold a Buick on May 1 for $9,600. The vehicle had been used exclusively for personal purposes. It was purchased on September 1, 2010, for $20,800.
* Larry's trampoline stretching machine (owned two years) was stolen on May 5, but the business's insurance company will not pay the insurance premium. The machine had a fair market value of $8,000 and an adjusted basis of $6,000 at the time of theft.
*Larry had AGI of $102,000 from sources other than those described above.
*Larry has no nonrecaptured 1231 lookback losses.

a. For each transaction, what are the amount and nature of recognized gain or loss?
b. What is Larry's 2014 AGI?