Umair sold some equipment he used in his business on August 29, 2019, that was originally purchased for $80,000 on November 21, 2018. The equipment was depreciated using the 7-year MACRS method for a total of $21,227. Assume there is no additional netting of gains and losses for this taxpayer. 0.16 points Required: a. Assume Umair sold the equipment for $57,500: (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 $66,000: (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. References Regal and b1 Reg a2 and 2 (1) Assume Umair sold the equipment for $57,500. What is the amount of realized gain or loss on the sale of the equipment? b(1) Assume Umair sold the equipment for $66,000. What is the amount of realized gain or loss on the sale of the equipment? Amounts Regal and by Req a2 and b2 >