question archive The following information applies to the questions displayed below
The following information applies to the questions displayed below
Subject:AccountingPrice: Bought3
The following information applies to the questions displayed below.) Bourne Guitars, a corporation, reported a $203,000 net $1231 gain for year 6. Problem 11-51 Part-a (Algo) a. Assuming Bourne reported $64,500 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? Bourne's gain treated as ordinary income Required information Problem 11-51 (LO 11-5) (Algo) [The following information applies to the questions displayed below.) Bourne Guitars, a corporation, reported a $203,000 net 51231 gain for year 6. Problem 11-51 Part-b (Algo) b. Assuming Bourne's nonrecaptured net $1231 losses from years 1-5 were $288,000, what amount of Bourne's net $1231 gain for year 6, if any, is treated as ordinary income? Bourne's gain treated as ordinary income
