18. A calendar-year taxpayer had net Code Sec. 1231 losses of $8,000 in 2018. He had net Code Sec. 1231 gains of $5,250 and $4,600 in 2019 and 2020, respectively. There were no net Code Sec. 1231 losses in 2015, 2016, and 2017. What portion of the net Code Sec. 1231 gain is reported as ordinary income, and what portion is considered long-term capital gain in 2020? 1 19. Stanton Inc. is a calendar year, cash basis taxpayer. Stanton Inc. decides to change to the accrual method of accounting for the current year. Net income for this year under the accrual basis was $600,000 before any adjustments. On December 31 of last year, the balances in accounts receivable and accounts payable were $35,000 and $42,000, respectively. What is Stanton's current year "adjusted" net income? What are Stanton's reporting options