Jenny purchased timber on a 100-acre tract of land in South Dakota in March 2019 for $100,000. On January 1, 2021, the timber had a fair market value of $145,000. Because of careless cutting in November 2021, when the fair market value was $158,000, the wood was sold on January 30, 2022, for $98,000. 

a. What gain (loss) was recognized in 2020, 2021, and 2022 if Jenny elected to treat the cutting as a sale?

b. What was the nature of the gains (losses) in part (a)?

c. Does the answer change if the timber was sold in December 2021? Why or why not?

d. If the timber was worth only $58,000 on January 1, 2021, was cut in November when it was worth $33,000, and was sold in December for $59,000, how would the answers to parts (a) and (b) change?