! Required information [The following information applies to the questions displayed below.) Hans runs a sole proprietorship. Hans has reported the following net $1231 gains and losses since he began business. Net $1231 gains shown are before the look back rule. (Leave no answers blank. Enter zero if applicable.) Net s1231 Gains/(Losses) $(69,500) 17,250 0 Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (current year) 11,800 0 52,250 a. What amount, if any, of the year 7 (current year) $52,250 net $1231 gain is treated as ordinary income? Ordinary income b. Assume that the $52,250 net $1231 gain occurs in year 6 instead of year 7. What amount of the gain would be treated as ordinary income in year 6? Ordinary income