Exercise 17-22 (Algorithmic) (LO. 2) Several years ago Nicolas, a timber dealer, purchased a tract of land with a substantial stand of trees on it. The land cost $35,630, and the timber cost $331,200. On the first day of 2021, the timber was appraised at $430,560. In August 2021, Nicolas cut the timber and sold it for $473,616. Nicolas elects to treat the cutting as a sale or exchange under 1231. As a result, Nicolas has a $ 1231 gain and $ of ordinary income. Exercise 17-27 (Algorithmic) (LO. 4) An individual taxpayer has $83,500 of 1231 gain from the disposition of nonresidential real estate. Straight-line depreciation of $141,950 was deducted on the real estate. The taxpayer also has a 1231 loss of $187,875 from the sale of equipment. How much of the 1231 gain is taxed as unrecaptured 1250 gain? If an amount is zero, enter "O". of the gain is taxed as unrecaptured 1250 gain because there is a net 1231 for the year of $