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10). Brandon, an individual, began business four years ago and has never sold a $1231 asset. Brandon owned each of the assets for several years.
10). Brandon, an individual, began business four years ago and has never sold a $1231 asset. Brandon owned each of the assets for several years. In the current year, Brandon sold the following business assets: 3 Accumulated Asset Original Cost Depreciation Gain/Loss Machinery $ 30,000 $ 7,000 $ 10,000 Computers 10,000 6,000 (2,000) Building 90,000 20,000 (2,000) Assuming Brandon's marginal ordinary income tax rate is 32 percent, what effect do the gains and losses have on Brandon's tax liability
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