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QUESTION 8 Bourne Guitars, a corporation, reported a $157,000 net $1231 gain for year 6. Bourne reported $51,000 of nonrecaptured $1231 losses during years 1-5.

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QUESTION 8 Bourne Guitars, a corporation, reported a $157,000 net $1231 gain for year 6. Bourne reported $51,000 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? 6586

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