Required information (The following information applies to the questions displayed below.) Hans runs a sole proprietorship. Hans has reported the following net 51231 gains and losses since he began business. Net 61231 gains shown are before the look back rule. (Leave no answer blank. Enter zero if applicable.) Net $1231 Gains/(Losses) $(76,000) 20,500 Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (current year) 14,400 55,500 a. What amount, if any, of the year 7 (current year) $55,500 net 61231 gain is treated as ordinary income? Answer is complete but not entirely correct. Ordinary $ 55,5003 income