Capital gains and other sales of property ( schedule D and form 4797)

Homework Umair sold some equipment he used in his business on August 29, 2019, that was originally purchased for $65,000 on November 21, 2018. The equipment was depreciated using the 7-year MACRS method for a total of $17,249. Assume there is no additional netting of gains and losses for this taxpayer. Required: a. Assume Umair sold the equipment for $45,000: (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? b. Assume Umair sold the equipment for $49,000: (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 al and b1 Req a2 and b2 a(1) Assume Umair sold the equipment for $45,000. What is the amount of realized gain or loss on the sale of the equipment? b(1) Assume Umair sold the equipment for $49,000. What is the amount of realized gain or loss on the sale of the equipment? Amounts a(1) b(1