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WAR (We Are Rich) has been in business since 1990. WAR is an accrual-method sole proprietorship that deals in the manufacturing and wholesaling of various types of golf equipment. Hack \& Hack CPAs has filed accurate tax returns for WAR's owner since WAR opened its doors. The managing partner of Hack \& Hack (Jack) has gotten along very well with the owner of WAR-Mr. Someday Woods (single). However, in early 2023, Jack Hack and Someday Woods played a round of golf, and Jack, for the first time ever, beat Mr. Woods. Mr. Woods was so upset that he fired Hack \& Hack and has hired you to compute his 2023 taxable income. Mr. Woods was able to provide you with the following information from prior tax returns. The taxable income numbers reflect the results from all of Mr. Woods's activities except for the items separately stated. You will need to consider how to handle the separately stated items for tax purposes. Also, note that the 20182022 numbers do not reflect capital loss carryovers. In 2023, Mr. Woods had taxable income in the amount of $502,000 before considering the following events and transactions that transpired in 2023: a. On January 1, 2023, WAR purchased a plot of land for $105,500 with the intention of creating a driving range where patrons could test their new golf equipment. WAR never got around to building the driving range; instead, WAR sold the land on October 1,2023 , for $42,200. b. On August 17, 2023, WAR sold its golf testing machine, "Iron Byron," and replaced it with a new machine, "Iron Tiger." "Iron Byron" was purchased and installed for a total cost of $24,200 on February 5, 2019. At the time of sale, "Iron Byron" had an adjusted tax basis of $6,200. WAR sold "Iron Byron" for $30,500. c. In the months October through December 2023, WAR sold various assets to come up with the funds necessary to invest in WAR's latest and greatest invention-the three-dimple golf ball. Data on these assets are provided below: d. Finally, on May 7, 2023, WAR decided to sell the building where it tested its plutonium shaft, lignite head drivers. WAR had purchased the building on January 5,2011 , for $217,500 ( $192,000 for the building, $25,500 for the land). At the time of the sale, the accumulated depreciation on the building was $55,500. WAR sold the building (with the land) for $333,000. The fair market value of the land at the time of sale was $50,500. Note: Do not round intermediate computations. Round your final answers to the nearest whole dollar amount. Loss amounts should be indicated by a minus sign. Required: a1. Compute Mr. Woods's taxable income after taking into account the transactions described above. a2. Compute Mr. Woods's taxable income. Complete this question by entering your answers in the tabs below. Required A1 Required A2 Compute Mr. Woods's taxable income after taking into account the transactions described above. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline Description & \begin{tabular}{l} Gain or \\ (Loss) \end{tabular} & \begin{tabular}{c} Depreciation \\ Recapture \end{tabular} & 1231 & \begin{tabular}{c} Ordinary \\ income or \\ (Loss) \end{tabular} & \begin{tabular}{l} Short \\ Term \end{tabular} & \begin{tabular}{c} Long Term \\ Total \end{tabular} & \begin{tabular}{l} Long term \\ 28% \end{tabular} & \begin{tabular}{l} Long term \\ 25% \end{tabular} & \begin{tabular}{l} Long term \\ 0% or 15% or \\ 20% \end{tabular} \\ \hline a. Land & (63,300) & 0 & 0 & (63,300) & 0 & $ & $ & 0 & 0 \\ \hline c1. Sofa & 440 & 440 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ \hline c2. Chair & (1,100) & 0 & (1,100) & 0 & 0 & 0 & 0 & 0 & 0 \\ \hline c3. Marketable securities & 7,780 & 0 & 0 & 0 & 0 & 7,780 & 0 & 0 & 7,780 \\ \hline c4. Land - for investment & 2,450 & 0 & 0 & 0 & 0 & 2,450 & 0 & 0 & 2,450 \\ \hline c5. Investment property & (3,100) & 0 & 0 & 0 & 0 & (3,100) & 0 & 0 & (3,100) \\ \hline d1. Building & 146,000 & 0 & 146,000 & 0 & 0 & 0 & 0 & 0 & 0 \\ \hline \multirow[t]{2}{*}{ d2. Land } & 25,000 & 0 & 25,000 & 0 & 0 & 0 & 0 & 0 & 0 \\ \hline & 138,470 & 18,440 & 176,200 & (63,300) & 0 & 7,130 & 0 & 0 & 7,130 \\ \hline \multicolumn{10}{|l|}{ \$1231 netting } \\ \hline \multicolumn{10}{|l|}{ Step1 - depreciation recapture } \\ \hline - ordinary income & & & & 18,440 & & & & & \\ \hline \multicolumn{10}{|l|}{ Step 2 - 1231 Gain or Loss netting } \\ \hline \multicolumn{10}{|l|}{ - gains or losses exclusive of 1250} \\ \hline \multicolumn{10}{|l|}{ - Unrecapture $1250} \\ \hline \multicolumn{10}{|l|}{ Step 3 - lookback rule } \\ \hline \multicolumn{10}{|l|}{ - apply to unrecapture 1250 first } \\ \hline \multicolumn{10}{|l|}{ Ordinary income } \\ \hline \multicolumn{10}{|l|}{ Remaining unrecapture 1250} \\ \hline \multicolumn{10}{|l|}{ Remaining gain - 0% or 15% or 20%} \\ \hline & & 18,440 & 176,200 & (44,860) & 0 & 7,130 & 0 & 0 & 7,130 \\ \hline \multicolumn{10}{|l|}{ Capital gain netting: } \\ \hline \multicolumn{10}{|l|}{ Long term capital loss carryover } \\ \hline & & & & & & 7,130 & 0 & 0 & 7,130 \\ \hline \end{tabular} Compute Mr. Woods's taxable income. WAR (We Are Rich) has been in business since 1990. WAR is an accrual-method sole proprietorship that deals in the manufacturing and wholesaling of various types of golf equipment. Hack \& Hack CPAs has filed accurate tax returns for WAR's owner since WAR opened its doors. The managing partner of Hack \& Hack (Jack) has gotten along very well with the owner of WAR-Mr. Someday Woods (single). However, in early 2023, Jack Hack and Someday Woods played a round of golf, and Jack, for the first time ever, beat Mr. Woods. Mr. Woods was so upset that he fired Hack \& Hack and has hired you to compute his 2023 taxable income. Mr. Woods was able to provide you with the following information from prior tax returns. The taxable income numbers reflect the results from all of Mr. Woods's activities except for the items separately stated. You will need to consider how to handle the separately stated items for tax purposes. Also, note that the 20182022 numbers do not reflect capital loss carryovers. In 2023, Mr. Woods had taxable income in the amount of $502,000 before considering the following events and transactions that transpired in 2023: a. On January 1, 2023, WAR purchased a plot of land for $105,500 with the intention of creating a driving range where patrons could test their new golf equipment. WAR never got around to building the driving range; instead, WAR sold the land on October 1,2023 , for $42,200. b. On August 17, 2023, WAR sold its golf testing machine, "Iron Byron," and replaced it with a new machine, "Iron Tiger." "Iron Byron" was purchased and installed for a total cost of $24,200 on February 5, 2019. At the time of sale, "Iron Byron" had an adjusted tax basis of $6,200. WAR sold "Iron Byron" for $30,500. c. In the months October through December 2023, WAR sold various assets to come up with the funds necessary to invest in WAR's latest and greatest invention-the three-dimple golf ball. Data on these assets are provided below: d. Finally, on May 7, 2023, WAR decided to sell the building where it tested its plutonium shaft, lignite head drivers. WAR had purchased the building on January 5,2011 , for $217,500 ( $192,000 for the building, $25,500 for the land). At the time of the sale, the accumulated depreciation on the building was $55,500. WAR sold the building (with the land) for $333,000. The fair market value of the land at the time of sale was $50,500. Note: Do not round intermediate computations. Round your final answers to the nearest whole dollar amount. Loss amounts should be indicated by a minus sign. Required: a1. Compute Mr. Woods's taxable income after taking into account the transactions described above. a2. Compute Mr. Woods's taxable income. Complete this question by entering your answers in the tabs below. Required A1 Required A2 Compute Mr. Woods's taxable income after taking into account the transactions described above. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline Description & \begin{tabular}{l} Gain or \\ (Loss) \end{tabular} & \begin{tabular}{c} Depreciation \\ Recapture \end{tabular} & 1231 & \begin{tabular}{c} Ordinary \\ income or \\ (Loss) \end{tabular} & \begin{tabular}{l} Short \\ Term \end{tabular} & \begin{tabular}{c} Long Term \\ Total \end{tabular} & \begin{tabular}{l} Long term \\ 28% \end{tabular} & \begin{tabular}{l} Long term \\ 25% \end{tabular} & \begin{tabular}{l} Long term \\ 0% or 15% or \\ 20% \end{tabular} \\ \hline a. Land & (63,300) & 0 & 0 & (63,300) & 0 & $ & $ & 0 & 0 \\ \hline c1. Sofa & 440 & 440 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ \hline c2. Chair & (1,100) & 0 & (1,100) & 0 & 0 & 0 & 0 & 0 & 0 \\ \hline c3. Marketable securities & 7,780 & 0 & 0 & 0 & 0 & 7,780 & 0 & 0 & 7,780 \\ \hline c4. Land - for investment & 2,450 & 0 & 0 & 0 & 0 & 2,450 & 0 & 0 & 2,450 \\ \hline c5. Investment property & (3,100) & 0 & 0 & 0 & 0 & (3,100) & 0 & 0 & (3,100) \\ \hline d1. Building & 146,000 & 0 & 146,000 & 0 & 0 & 0 & 0 & 0 & 0 \\ \hline \multirow[t]{2}{*}{ d2. Land } & 25,000 & 0 & 25,000 & 0 & 0 & 0 & 0 & 0 & 0 \\ \hline & 138,470 & 18,440 & 176,200 & (63,300) & 0 & 7,130 & 0 & 0 & 7,130 \\ \hline \multicolumn{10}{|l|}{ \$1231 netting } \\ \hline \multicolumn{10}{|l|}{ Step1 - depreciation recapture } \\ \hline - ordinary income & & & & 18,440 & & & & & \\ \hline \multicolumn{10}{|l|}{ Step 2 - 1231 Gain or Loss netting } \\ \hline \multicolumn{10}{|l|}{ - gains or losses exclusive of 1250} \\ \hline \multicolumn{10}{|l|}{ - Unrecapture $1250} \\ \hline \multicolumn{10}{|l|}{ Step 3 - lookback rule } \\ \hline \multicolumn{10}{|l|}{ - apply to unrecapture 1250 first } \\ \hline \multicolumn{10}{|l|}{ Ordinary income } \\ \hline \multicolumn{10}{|l|}{ Remaining unrecapture 1250} \\ \hline \multicolumn{10}{|l|}{ Remaining gain - 0% or 15% or 20%} \\ \hline & & 18,440 & 176,200 & (44,860) & 0 & 7,130 & 0 & 0 & 7,130 \\ \hline \multicolumn{10}{|l|}{ Capital gain netting: } \\ \hline \multicolumn{10}{|l|}{ Long term capital loss carryover } \\ \hline & & & & & & 7,130 & 0 & 0 & 7,130 \\ \hline \end{tabular} Compute Mr. Woods's taxable income