Umair sold some equipment he used in his business on August 29, 2022, that was originally purchased for $48,000 on November 21, 2020. The equipment was depreciated using the seven-year MACRS method for a total of $12,736. Assume there is no additional netting of gains and losses for this taxpayer. Required: a. Assume Umair sold the equipment for $34,000: 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? b. Assume Umair sold the equipment for $39,000: 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 A1 and B1 Req A2 and B2 a1. Assume Umair sold the equipment for $34,000. What is the amount of realized gain or loss on the sale of the equipment? b1. Assume Umair sold the equipment for $39,000. What is the amount of realized gain or loss on the sale of the equipment? Amounts a1. b1.