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O Required information Problem 11-54 (LO 11-5) (Algo) (The following information applies to the questions displayed below.) Hans runs a sole proprietorship. Hans has reported
O Required information Problem 11-54 (LO 11-5) (Algo) (The following information applies to the questions displayed below.) Hans runs a sole proprietorship. Hans has reported the following net 51231 gains and losses since he began business. Net 61231 gains shown are before the look back rule (Leave no answers blank. Enter zero if applicable.) Year Year Year 2 Year Year 4 Yes 5 Year Year 7 (current year) Net 1201 Gain/Clone $(75,500) 20.260 0 0 14.200 0 55.250 Problem 11-54 Part-b (Algo) b. Assume that the $55,250 net 61231 gain occurs in year 6 instead of year 7 What amount of the gain would be treated as ordinary income in year 6? Ordetary income
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