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Required information [The following information applies to the questions displayed below.) Hans runs a sole...

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Accounting

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Required information [The following information applies to the questions displayed below.) 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 answers blank. Enter zero if applicable.) Year Net $1231 Gains/(Losses) $ (67,000) 16,000 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (current year) 10,800 51,000 b. Assume that the $51,000 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

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