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Required information [The following information applies to the questions displayed below) Hans runs a sole proprietorship. Hans has reported the following net 61231 gains and
Required information [The following information applies to the questions displayed below) Hans runs a sole proprietorship. Hans has reported the following net 61231 gains and losses since he began business. Net 51231 gains shown are before the look back rule. (Leave no answer blank. Enter zero if applicable.) Year Het $1221 Sains/(Losses) Year 1 5 (65,000) 15,00 Year Year 4 0 Year 5 10,000 Year 6 Year 7 (current year) 5e, 600 Year 2 a. What amount, if any, of the year 7 (current year) $50,000 net 61231 gain is treated as ordinary income? Required information [The following information applies to the questions displayed below! Hans runs a sole proprietorship Hans has reported the following net 61231 gains and losses since he began business. Net 51231 gains shown are before the look back rule (Leove no answer blank. Enter zero if applicable.) Net 1231 Year Gains/(Losses) Year 1 $ (65,000) Year 2 15,000 Year 3 8 Year 4 e Year 5 10,000 Year 6 Year 7 (current year) 50,000 b. Assume that the $50,000 net 51231 gain occurs in year 6 instead of year 7 What amount of the gain would be treated as ordinary income in year 6? Deco
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