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?

Saved Required information Problem 3-54 (LO 3-5) The following information applies to the questions displayed below. of Hans runs a sole proprietorship. Hans has reported the following net 51231 gains and losses since he began business. Net 51231 gains shown are before the look back rule. (Leave no answer blank. Enter zero if applicable.) Net 51231 Gains/Losses) $ (65,000) 15,000 Year 3 10,000 Years Year 6 Year 7 (current year) 50,000 Problem 3-54 Part-a a. What amount, if any, of the year 7 (current year) $50,000 net $1231 gain is treated as ordinary income