A sculpture that Tulip & Company held for investment was destroyed in a flood. The sculpture was insured, and Tulip had a $60,000 gain from this casualty. It also had a $17,000 loss from an uninsured antique vase that was destroyed by the flood. The vase was also held for investment. Tulip had no other property transactions during the year and has no nonrecaptured section 1231 losses from prior years. Both the sculpture and the vase had been held for more than one year when the flood occurred. Compute Tulip's net gain or loss, and identify how it would be treated.