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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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Answer:

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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