Umair sold some equipment he used in his business on August 29, 2020, that was originally purchased for $46,000 on November 21 2019. The equipment was depreciated using the 7-year MACRS method for a total of $12.206. Assume there is no additional netting of gains and losses for this taxpayer Required: a. Assume Umair sold the equipment for $32,500 () 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 $37.000 (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 b1 Req a2 and b2 a(1) Assume Umair sold the equipment for $32,500. What is the amount of realized gain or loss on the sale of the equipment? b(1) Assume Umair sold the equipment for $37,000. What is the amount of realized gain or loss on the sale of the equipment? Amounts aft (1) Req a2 and b2 > Complete this question by entering your answers in the tabs below. Req ai and b1 Req a2 and b2 a(2) Assume Umair sold the equipment for $32,500. Is the nature of the gain or loss considered ordinary or long-term? b(2) Assume Umair sold the equipment for $37,000. Is the nature of the gain or loss considered ordinary or long-term? a(2) b(2)