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Hans runs a sole proprietorship. Hans reported the following net §1231 gains and losses since he began business:
Year 1
($65,000)
Year 2
15,000
Year 3
0
Year 4
Year 5
10,000
Year 6
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?
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