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Problem 17-31 (Algorithmic) (LO. 1, 2) Jenny purchased timber on a 100-acre tract of land in South Dakota in March 2019 for $463,400. On January

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Problem 17-31 (Algorithmic) (LO. 1, 2) Jenny purchased timber on a 100-acre tract of land in South Dakota in March 2019 for $463,400. On January 1, 2021, the timber had a fair market value of $595,800. Because of careless cutting in November 2021, when the fair market value was $662,000, the wood was sold on January 30, 2022, for $397,200. If there is no gain or loss, enter "0" as the amount. a & b. What gain (loss) was recognized in 2020, 2021, and 2022 if Jenny elected to treat the cutting as a sale? What is the nature of any gain or loss? In 2020, there is recognized of $ In 2021, there is recognized of $ In 2022, there is c. How would th bf $ a $ 1231 gain a $ 1231 loss an ordinary gain that Jenny recognized in 2021 and 2022 change if the timber were sold in December 2021? an ordinary loss no gain or loss C. How would the gains (or losses) that Jenny recognized in 2021 and 2022 change if the timber were sold in December 2021? d. If the timber was worth only $231,700 on January 1, 2021, was cut in November when it was worth $198,600, and was sold in December for $264,800, how would the gains (or losses) that Jenny recognized in 2020, 2021, and 2022 change? In 2020, there would be recognized of $ In 2021, there would be of $ and of $ In 2022, there would be recognized of $

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