Umair sold some equipment he used in his business on August 29, 2018, that was originally purchased for $54,000 on November 21, 2017. The equipment was depreciated using the 7-year MACRS method for a total of $14,329. Assume there is no additional netting of gains and losses for this taxpayer. a. Assume Umair sold the equipment for $38,500: (1) What is the amount of realized gain or loss on the sale of the equipment? (2) Is the nature of the gain or loss considered ordinary or long-term? b. Assume Umair sold the equipment for $45,000: (1) What is the amount of realized gain or loss on the sale of the equipment? (2) Is the nature of the gain or loss considered ordinary or long-term? Complete this question by entering your answers in the tabs below. Req ai and bi Reg a2 and b2 a(1). Assume Umair sold the equipment for $38,500. What is the amount of realized gain or loss on the sale of the equipment? b(1). Assume Umair sold the equipment for $45,000. What is the amount of realized gain or loss on the sale of the equipment? a(1) b(1). (Reg a1 and b1 Req a2 and b2 > Req ai and b1 Req a2 and 2 a(2). Assume Umair sold the equipment for $38,500. Is the nature of the gain or loss considered ordinary or long-term? b(2). Assume Umair sold the equipment for $45,000. Is the nature of the gain or loss considered ordinary or long-term? a(2) b(2).