8. Investment and other income

Investment and other income includes gains and losses on asset sales as follows:


millions of dollars	2014		2013		2012
Proceeds from asset sales		851		160		226
Book value of assets sold		155		10		132
Gain/(loss) on asset sales, before tax (a)(b)		696		150		94
Gain/(loss) on asset sales, after tax (a)(b)		526		120		72

(a)

2014 included a gain of $638 million ($478 million, after tax) for the sale of the company’s interest in producing conventional assets located in Boundary Lake, Cynthia/West Pembina and Rocky Mountain House.

(b)

2013 included a gain of $85 million ($73 million, after tax) for the sale of non-operating assets.