My answers for this problem is incorrect. I need help. This assignment is due today before 11:59 p.m.

mair sold some equipment he used in his business on August 29, 2015, that was originally purchased for $58,000 on November 21, 2014. The equipment was depreciated using the 7-year MACRS method for a total of $15,390. Assume there is no additional netting of gains and losses for this taxpayer. a. Assume Umair sold the equipment for $41,500: (1) What is the amount of realized gain or loss on the sale of the equipment? (2) Is the nature of the gain or loss considered ordinary or long-term? Ordinary loss Long-term loss Ordinary gain Long-term gain Short-term gain Short-term loss b. Assume Umair sold the equipment for $45,000: (1) What is the amount of realized gain or loss on the sale of the equipment? (2) Is the nature of the gain or loss considered ordinary or long-term? Ordinary loss Long-term loss Ordinary gain Long-term gain Short-term gain Short-term loss