QUESTION 7 Moran owns a building he bought during year 0 for $150,000. He sold the building in year 6 and received $111,000. During the time he held the building he depreciated it by $33,000. What is the amount of the 1231 gain or (loss)? 2 points Save Answer 2 points Save Answer, QUESTION 8 Bourne Guitars, a corporation, reported a $157,000 net 1231 gain for year 6. Bourne reported $54,000 of nonrecaptured 1231 losses during years 1-5. What amount of Bourne's net 1231 gain for year 6, if any, is treated as ordinary income?