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Question 24 (1 point) Julia has a champion breeding horse that she sells in the current year for $40,000 after owning the horse for 3 years and depreciating $11,000 of its original cost of $16,000. Assume Julia's taxable income is $600,000 and she is single. How will she be taxed on this gain? She has a gain of $35,000. She will be taxed at 37% on $11,000 and 20% on $24,000. She has a gain of $35,000. She will be taxed at 37% on $11,000 and 15% on $24.000. She has a gain of $24,000 that will all be taxed at 37%. She has a gain of $35,000 that will all be taxed at 37%. Question 25 (1 point) Assume a taxpayer is in the 37% marginal tax bracket. Which of the following will dodaci