Brandon, an individual, began business four vears ago and has sold $1231 assets with $5,200 of losses within the last five years. Brandon owned each of the assets for several years. In the current year, Brandon sold the following business assets: Assuming Brandor's marginal ordinary income tax rate is 32 percent, what effect do the gains and losses have on Brandor's tax liability? Use dividends and capital gains tax rates for reference. $23,200 ordinary income and $7,424 tax fiability $23,20051231 gain and $3,480 tax liability $10,600$1231 gain, $12,600 ordinary income, and $5,622 tax liability $12,600$1231 gain $10,600 ordinary income, and $5,282 tax liablity None of the choices are correct