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Hans runs a sole proprietorship. Hans has reported the following net 51231 gains and losses since he began business. Net $1231 gains shown are before
Hans runs a sole proprietorship. Hans has reported the following net 51231 gains and losses since he began business. Net $1231 gains shown are before the look-back rule. Note: Leave no answers blank. Enter zero if applicable. Problem 11-54 Part-a (Algo) a. What amount, If any, of the year 7 (current year) $54,750 net 51231 gain is treated as ordinary income? b. Assume that the $54750 net 51231 gain occurs in year 6 instead of year 7 . What amount of the gain would be treated as ord nary income in year 6
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