18 6 points eBook References Umair sold some equipment he used in his business on August...

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18 6 points eBook References Umair sold some equipment he used in his business on August 29, 2021, that was originally purchased for $76,000 on November 21, 2019. The equipment was depreciated using the 7-year MACRS method for a total of $20,166. Assume there is no additional netting of gains and losses for this taxpayer. Required: a. Assume Umair sold the equipment for $54,500: 1. What is the amount of realized gain or loss on the sale of the equipment? 2. Is the nature of the gain or loss considered ordinary or long-term? b. Assume Umair sold the equipment for $62,000: 1. What is the amount of realized gain or loss on the sale of the equipment? 2. Is the nature of the gain or loss considered ordinary or long-term? Complete this question by entering your answers in the tabs below. Req a1 and b1 Req a2 and b2 a1. Assume Umair sold the equipment for $54,500. What is the amount of realized gain or loss on the sale of the equipment? b1. Assume Umair sold the equipment for $62,000. What is the amount of realized gain or loss on the sale of the equipment? Amounts a1. b1. 18 6 points eBook Umair sold some equipment he used in his business on August 29, 2021, that was originally purchased for $76,000 on November 21, 2019. The equipment was depreciated using the 7-year MACRS method for a total of $20,166. Assume there is no additional netting of gains and losses for this taxpayer. Required: a. Assume Umair sold the equipment for $54,500: 1. What is the amount of realized gain or loss on the sale of the equipment? 2. Is the nature of the gain or loss considered ordinary or long-term? b. Assume Umair sold the equipment for $62,000: 1. What is the amount of realized gain or loss on the sale of the equipment? 2. Is the nature of the gain or loss considered ordinary or long-term? References Complete this question by entering your answers in the tabs below. Req a1 and b1 Req a2 and b2 a2. Assume Umair sold the equipment for $54,500. Is the nature of the gain or loss considered ordinary or long-term? b2. Assume Umair sold the equipment for $62,000. Is the nature of the gain or loss considered ordinary or long-term? a2. b2. < Req a1 and b1 Req a2 and b2 18 6 points eBook References Umair sold some equipment he used in his business on August 29, 2021, that was originally purchased for $76,000 on November 21, 2019. The equipment was depreciated using the 7-year MACRS method for a total of $20,166. Assume there is no additional netting of gains and losses for this taxpayer. Required: a. Assume Umair sold the equipment for $54,500: 1. What is the amount of realized gain or loss on the sale of the equipment? 2. Is the nature of the gain or loss considered ordinary or long-term? b. Assume Umair sold the equipment for $62,000: 1. What is the amount of realized gain or loss on the sale of the equipment? 2. Is the nature of the gain or loss considered ordinary or long-term? Complete this question by entering your answers in the tabs below. Req a1 and b1 Req a2 and b2 a1. Assume Umair sold the equipment for $54,500. What is the amount of realized gain or loss on the sale of the equipment? b1. Assume Umair sold the equipment for $62,000. What is the amount of realized gain or loss on the sale of the equipment? Amounts a1. b1. 18 6 points eBook Umair sold some equipment he used in his business on August 29, 2021, that was originally purchased for $76,000 on November 21, 2019. The equipment was depreciated using the 7-year MACRS method for a total of $20,166. Assume there is no additional netting of gains and losses for this taxpayer. Required: a. Assume Umair sold the equipment for $54,500: 1. What is the amount of realized gain or loss on the sale of the equipment? 2. Is the nature of the gain or loss considered ordinary or long-term? b. Assume Umair sold the equipment for $62,000: 1. What is the amount of realized gain or loss on the sale of the equipment? 2. Is the nature of the gain or loss considered ordinary or long-term? References Complete this question by entering your answers in the tabs below. Req a1 and b1 Req a2 and b2 a2. Assume Umair sold the equipment for $54,500. Is the nature of the gain or loss considered ordinary or long-term? b2. Assume Umair sold the equipment for $62,000. Is the nature of the gain or loss considered ordinary or long-term? a2. b2. < Req a1 and b1 Req a2 and b2