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QUESTION 9 Morgan's Water World (MWW), an LLC opened several years ago and reports the following net $1231 gains and losses since it began business,

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QUESTION 9 Morgan's Water World (MWW), an LLC opened several years ago and reports the following net $1231 gains and losses since it began business, Year Net $1231 Gains/(Losses) Year 1 ($11.000) Year 2 5000 Year 3 (21.000) Year 4 (4.000) Year 5 17,000 Year 6 (40.000) Year 7 (current year) 113,000 What amount if any of the year 7 S113.000 net $1231 gain is treated as ordinary income

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