Required information Problem 3-54 (LO 3-5) [The following information applies to the questions displayed below.]...
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Accounting
Required information Problem 3-54 (LO 3-5) [The following information applies to the questions displayed below.] Part 2 of 2 Hans runs a sole proprietorship. Hans has reported the following net $1231 gains and losses since he began business. Net $1231 gains shown are before the look-back rule. (Leave no answer blank. Enter zero if applicable.) points Net $1231 Gains/(Losses) $ (65,000) 15,000 Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (current year) Print 10,000 50,000 Problem 3-54 Part-b b. Assume that the $50,000 net $1231 gain occurs in year 6 instead of year 7. What amount of the gain would be treated as ordinary income in year 6? Ordinary income $ 40,000
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