From the recognized gains/losses determined in part 1, determine the net 1231 gain/loss, the net ordinary gain/loss, and the net capital gain/loss Moab will recognize on its tax return. Moab Incorporated also has $5,200 of nonrecaptured net 1231 losses from previous years. Note: Do not round intermediate computations. Loss amounts should be indicated by a minus sign. $1231 Netting Process: $1231 gain 1231 loss Net 1231 gain Nonrecaptured 1231 losses Net 1231 gain Ordinary Income: $1245 recapture $291 recapture Ordinary income Ordinary loss Ordinary income from 1231 netting Total Capital Gains and Losses: Capital gain Capital loss Net capital gain Show less