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27 June, 19:50

Bourne Guitars, a corporation, reported a $211,000 net §1231 gain for year 6. Problem 11-51 Part-a a. Assuming Bourne reported $52,250 of nonrecaptured net §1231 losses during years 1-5, what amount of Bourne's net §1231 gain for year 6, if any, is treated as ordinary income?

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  1. 27 June, 22:43
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    The amount of Bourne's net §1231 gain for year 6 is $158.750

    Explanation:

    Gain will be treated as gain under 1231 $211.000

    Bourne's gain would be ordinary ( - $52.250)

    1231 Gain 158.750
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