Taylor elects to treat the cutting of timber as a sale or exchange under § 1231. Taylor purchased the land for $100,000 and the timber for $125,000 several years ago. On the first day of 2013, the timber was appraised at $230,000 and in September 2013 it was cut and sold for $280,000. What is Taylor's Section 1231 gain or loss from this transaction?
e. None of the choices