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 lookback rule. (Leave no answer blank. Enter zero if applicable.) Net s1231 Gains/ (Losses) $ (71,500) Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (current year) 18,250 12,600 53,250 a. What amount, if any, of the year 7 (current year) $53,250 net S1231 gain is treated as ordinary income? Ordinary income