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USE THE INFORMATION BELOW TO ANSWER QUESTIONS 1 AND 2 At the beginning of the current year, Lambeth Company has a capital loss carryover of
USE THE INFORMATION BELOW TO ANSWER QUESTIONS 1 AND 2 At the beginning of the current year, Lambeth Company has a capital loss carryover of $89,000 and unrecaptured net Section 1231 losses of $124,000. During the year, Lambeth sold a number of Section 1231 assets. After applying all depreciation recapture rules, Lambeth Company has an ordinary gain of $100,000 and net 1231 gain $284,000. QUESTION 1 After applying all other necessary steps and rules, what is Lambeth's total net ordinary gain or loss for the year? QUESTION 2 After applying all other necessary steps and rules, and based on your response above, what is Lambeth's total net capital gain or loss for the year
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