6. Given below are Bart's capital gains and losses for two consecutive years. What is the effect of the capital gains and losses on Bart's taxable income for each year? Assume no activity occurred before the first year meaning no carryovers into First Year. Short-term capital gain Long-term capital gain Short-term capital loss Long-term capital loss First Year $12,000 11,000 (9,000) (23,000) Second Year $ -O- 16,000 (2,000) (5,000) First Year $(9,000) $ -O- $(3,000) $(3,000) Second Year $ 9,000 $ -0- $ 3,000 $ -0- b. c. d. 7. What is the maximum number of days the taxpayer has to complete the transfer of the replacement property under $1031? a. 45 b. 90 c. 180 d. None of the above