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eBook Jenny purchased timber on a 100-acre tract of land in South Dakota in March 2019 for $407,400. On January 1, 2021, the timber had a fair market value of $523,800. Because of careless cutting in November 2021, when the fair market value was $582,000, the wood was sold on January 30, 2022, for $349,200 If there is no gain or loss, enter"0" as the amount. a & b. What gain (loss) was recognized in 2020, 2021, and 2022 i Jenny elected to treat the cutting as a sale? What is the nature of any gain or loss? In 2020, there is no gain or loss recognized of In 2021, there is a 5 1231 gain recognized of $ In 2022, there is a 51231 loss recognized of C. How would the gains (or losses) that Jenny recognized in 2021 and 2022 change if the timber were sold in December 2021? A $ 1231 gain would be recognized in 2021 instead of 2022. d. If the timber was worth only $203,700 on January 1, 2021, was cut in November when it was worth $174,600, and was sold in December for $232,800, how would the gains (or losses) that Jenny recognized in 2020, 2021, and 2022 change? In 2020, there would be recognized of of and an ordinary gain of In 2021, there would be In 2022, there would be recognized of