An asset was purchased three years ago for $160,000. It falls into the five-year category for MACRS depreciation. The firm is in a 30 percent tax bracket. Use Table 1212.

a.	Compute the tax loss on the sale and the related tax benefit if the asset is sold now for $19,060. (Input all amounts as positive values. Do not round intermediate calculations and round your answers to whole dollars.)

Tax loss on the sale	$
Tax benefit	$

b.	Compute the gain and related tax on the sale if the asset is sold now for $64,060. (Input all amounts as positive values. Do not round intermediate calculations and round your answers to whole dollars.)

Taxable gain	$
Tax obligation	$