Umair sold some equipment he used in his business on August $29,2023,$ that was originally purchased for $$65,000$ on November $21,2021.$ The equipment was depreciated using the seven$-$year MACRS method for a total of $$17,249.$ Assume there is no additional netting of gains and losses for this taxpayer.

Required:

Assume Umair sold the equipment for $$44,000$:

What is the amount of realized gain or loss on the sale of the equipment?

Is the nature of the gain or loss considered ordinary or long$-$term?

Assume Umair sold the equipment for $$50,000$:

What is the amount of realized gain or loss on the sale of the equipment?

Is thea$1.$ Assume Umair sold the equipment for $$44,000.$ What is the amount of realized gain or loss on the sale of the equipment?

b$1.$ Assume Umair sold the equipment for $$50,000.$ What is the amount of realized gain or loss on the sale of the equipment? nature of the gain or loss

cona$2.$ Assume Umair sold the equipment for $$44,000.$ Is the nature of the gain or loss considered ordinary or long$-$term?

b$2.$ Assume Umair sold the equipment for $$50,000.$ Is the nature of the gain or loss considered ordinary or long$-$term?sidered ordinary or long$-$term?