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What amount of the gain would be treated as ordinary income

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Question - Hans runs a sole proprietorship. Hans has reported the following net §1231 gains and losses since he began business. Net §1231 gains shown are before the look-back rule. (Leave no answer blank. Enter zero if applicable.)

Net §1231 Year Gains/ (Losses)

Year 1 $(65,000)

Year 2 15,000

Year 3 0

Year 4 0

Year 5 10,000

Year 6 0

Year 7 (current year) 50,000

a. What amount, if any, of the year 7 (current year) $50,000 net §1231 gain is treated as ordinary income?

b. Assume that the $50,000 net §1231 gain occurs in year 6 instead of year 7. What amount of the gain would be treated as ordinary income in year 6?

Reference no: EM132490300

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