Please HELP Especially the part of explaining the capital loss carryover calculation 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 WARMr 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 2018 2019 2020 2021 2022 Ordinary taxable income $ 4,180 $ 2,090 $ 96,115 $ 173,825 $ 255,625 Other items not included in ordinary taxable income Net gain (loss) on disposition of 1231 assets $ 3,270 10,450 $ (6,540) Net long term capital gain (loss) on disposition of capital assets $ (15,675) $ 1,090 $ (12,800) $ (7,900) In 2023, Mr Woods had taxable income in the amount of $498,000 before considering the following events and transactions that transpired in 2023 On January 1, 2023, WAR purchased a plot of land for $104,500 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 $41,800 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 $23,800 on February 5, 2019 At the time of sale, Iron Byron had an adjusted tax basis of $5,800 WAR sold Iron Byron for $29,500 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 inventionthe three dimple golf ball Data on these assets are provided below Asset Placed in Service (or purchased) Sold Initial Basis Accumulated Depreciation Selling Price Someday's black leather sofa (used in office) 4 4 22 10 16 23 $ 3,360 $ 630 $ 3,170 Someday's office chair 3 1 21 11 8 23 8,720 3,180 4,450 Marketable securities 2 1 20 12 1 23 13,080 0 20,900 Land held for investment 7 1 22 11 29 23 49,500 0 52,050 Other investment property 11 30 21 10 15 23 14,500 0 11,600 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 $212,500 ($188,000 for the building, $24,500 for the land) At the time of the sale, the accumulated depreciation on the building was $54,500 WAR sold the building (with the land) for $327,000 The fair market value of the land at the time of sale was $49,500 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

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Please HELP!!! Especially the part of explaining the capital loss carryover calculation WAR (We Are Rich) has been in business since 1990. WAR is an

Please HELP!!! Especially the part of explaining the capital loss carryover calculation

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 WARMr. 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.

	2018	2019	2020	2021	2022
Ordinary taxable income	$ 4,180	$ 2,090	$ 96,115	$ 173,825	$ 255,625
Other items not included in ordinary taxable income:
Net gain (loss) on disposition of 1231 assets	$ 3,270	10,450		$ (6,540)
Net long-term capital gain (loss) on disposition of capital assets	$ (15,675)	$ 1,090	$ (12,800)		$ (7,900)

In 2023, Mr. Woods had taxable income in the amount of $498,000 before considering the following events and transactions that transpired in 2023:

On January 1, 2023, WAR purchased a plot of land for $104,500 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 $41,800.
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 $23,800 on February 5, 2019. At the time of sale, "Iron Byron" had an adjusted tax basis of $5,800. WAR sold "Iron Byron" for $29,500.
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 inventionthe three-dimple golf ball. Data on these assets are provided below:

Asset	Placed in Service (or purchased)	Sold	Initial Basis	Accumulated Depreciation	Selling Price
Someday's black leather sofa (used in office)	4/4/22	10/16/23	$ 3,360	$ 630	$ 3,170
Someday's office chair	3/1/21	11/8/23	8,720	3,180	4,450
Marketable securities	2/1/20	12/1/23	13,080	0	20,900
Land held for investment	7/1/22	11/29/23	49,500	0	52,050
Other investment property	11/30/21	10/15/23	14,500	0	11,600

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 $212,500 ($188,000 for the building, $24,500 for the land). At the time of the sale, the accumulated depreciation on the building was $54,500. WAR sold the building (with the land) for $327,000. The fair market value of the land at the time of sale was $49,500.

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.