1231 Problem McGrath Corporation, a C Corporation, began a business 10 years ago. 3 years ago, McGrath sold land used in their business (basis = $20,000; FMV = $40,000), however, since then, they never sold a 1231 asset. In 2023, McGrath sold the following 4 business assets: Asset Amount Original Realized Cost Basis Accumulate d Depreciation Building $400,000 $600,000 300,000 Land 50,000 15,000 0 Computers 250,000 200,000 60,000 Equipment 100,000 300,000 100,000 What is the character of McGrath's gains or losses for the current year assuming an ordinary rate for individuals of 30%? What effect do the gains or losses have on McGrath's 2023 tax liability?