! Required information [The following information applies to the questions displayed below.) Hans runs a sole proprietorship. Hans has reported the following net 31231 gains and losses since he began business. Net 91231 gains shown are before the look back rule. (Leave no answers blank. Enter zero If applicable.) Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (current year) Net $1231 Gains/(Losses) $(76,000) 20, 500 0 0 14,400 0 55,500 a. What amount, if any, of the year 7 (current year) $55,500 net $1231 gain is treated as ordinary income? Answer is complete and correct. Ordinary income S 0 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 51231 gains shown are before the look back rule. (Leave no answers blank. Enter zero If applicable.) Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (current year) Net $1231 Gains/(Losses) $(76,000) 20,500 0 0 14,400 0 55,500 b. Assume that the $55,500 net 91231 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