Problem 7-41 (LO 7-3) Umair sold some equipment he used in his business on August 29, 2017, that was originally purchased for $70,000 on November 21 2016. The equipment was depreciated using the 7-year MACRS method for a total of $18,574. Assume there is no additional netting of gains and losses for this taxpayer. Assume Umair sold the equipment for $50,000 (). 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? a. b. Assume Umair sold the equipment for $60,000: (). 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? Complete this question by entering your answers in the tabs below. Req al and b1 Req a2 and b2 a(1). Assume Umair sold the equipment for $50,000. What is the amount of realized gain or loss on the sale of the equipment? b(1). Assume Umair sold the equipment for $60,000. What is the amount of reallzed gain or loss on the sale of the equipment? Req a2 and b2 >