Jenny purchased timber on a 100-acre tract of land in South Dakota in March 2018 for $407,400. On January 1, 2020, the timber had a fair market value of $523,800. Because of careless cutting in November 2020, when the fair market value was $582,000, the wood was sold on January 30, 2021, for $349,200.

If there is no gain or loss, enter "0" as the amount.

a & b. What gain (loss) was recognized in 2019, 2020, and 2021 if Jenny elected to treat the cutting as a sale? What is the nature of any gain or loss?

In 2019, there is no gain or loss recognized of $fill in the blank ---

In 2020, there is a 1231 gain recognized of $fill in the blank ---

In 2021, there is an ordinary loss recognized of $fill in the blank ---

c. How would the gains (or losses) that Jenny recognized in 2020 and 2021 change if the timber were sold in December 2020?

d. If the timber was worth only $203,700 on January 1, 2020, 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 2019, 2020, and 2021 change?

In 2019, there would be --- recognized of $0.

In 2020, there would be a --- of $--- and an ordinary gain of $---

In 2021, there would be --- recognized of $0.