Jenny purchased timber on a 100-acre tract of land in South Dakota in March 2020 for $205,800. On January 1, 2022, the timber had a fair market value of $264,600. Because of careless cutting in November 2022, when the fair market value was $294,000, the wood was sold on January 30, 2023, for $176,400. If there is no gain or loss, enter "0" as the amount. a & b. What gain (loss) was recognized in 2021, 2022, and 2023 if Jenny elected to treat the cutting as a sale? What is the nature of any gain or loss? In 2021, there is no gain or loss recognized of $ In 2022, there is a 1231 gain recognized of $ In 2023, there is recognized of $ 58,800 c. How would the gains (or losses) that Jenny recognized in 2022 and 2023 change if the timber were sold in December 2022? An ordinary loss would be recognized in 2022 instead of 2023. Feedback Check My Work Correct d. If the timber was worth only $102,900 on January 1, 2022, was cut in November when it was worth $88,200, and was sold in December for $117,600, how would the gains (or losses) that Jenny recognized in 2021, 2022, and 2023 change? In 2021, there would be no gain or loss recognized of $ In 2022, there would be as 1231 loss of $ and an ordinary gain' of In 2023, there would be no gain or loss recognized of $