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2. Section 1231 Lookback. J has recognized the following 1231 gains and losses in the current year (2021) and since the inception of his business:

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2. Section 1231 Lookback. J has recognized the following 1231 gains and losses in the current year (2021) and since the inception of his business: Year Net 1231 Gain (Loss). 2021 $50,000 2020 12,000 2019. (35,000) 2018 . 2017 ..65,000 2016 .(13,000) How will J treat the $50,000 gain for the current year

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