# 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

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.) Net §1231 Year Gains/(Losses) Year 1 \$(74,000) Year 2 19,500 Year 3 0 Year 4 0 Year 5 13,600 Year 6 0 Year 7 (current year) 54,500 b. Assume that the \$54,500 net §1231 gain occurs in year 6 instead of year 7. amount of the gain would be treated as ordinary income in year 6?

(550 words)

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