Umair sold some equipment he used in his business on August 29, 2014, that was originally purchased for $50,000 on November 21, 2013. The equipment was depreciated using the 7-year MACRS method for a total of $13,267. Assume there is no additional netting of gains and losses for this taxpayer. a. Assume Umair sold the equipment for $35,500: (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 $41,000: (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?