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A calendar-year taxpayer had net Code Sec. 1231 losses of $9,000 in 2019. He had...

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Accounting

A calendar-year taxpayer had net Code Sec. 1231 losses of $9,000 in 2019. He had net Code Sec. 1231 gains of $5,250 and $5,600 in 2020 and 2021, respectively. There were no net Code Sec. 1231 losses in 2016, 2017, and 2018. a. What portion of the net Code Sec. 1231 gain is reported as ordinary income in 2021? b. What portion is considered long-term capital gain in 2021?

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