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1 pts Brandon, an individual, began business four years ago and has sold $1231 assets with 55.000 of losses and no gains within the last
1 pts Brandon, an individual, began business four years ago and has sold $1231 assets with 55.000 of losses and no gains within the last 5 years. Brandon owned each of the assets for several years. In the current year, Brandon sold the following business assets: Asset Original Cost Accumulated Depreciation Gain/Loss Machinery $30,000 $7,000 Land 40,000 Building 90,000 20,000 $10,000 20,000 (5,000) What is the amount and character of these gains/losses that are recognized on the tax return? O $25,000 ordinary income. O $25,000 capital gain. O $12,000 ordinary income and $13,000 capital gain. O $13,000 ordinary income and $12,000 capital gain. O None of these
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