Brandon, an individual, began business four years ago and has sold $1231 assets with $5,500 of losses within the last 5 years. Brandon owned each of the assets for several years. In the current year, Brandon sold the following business assets: Asset Original Accumulated Cost Machinery $ 31,000 Land Building Depreciation Gain/Loss $ 8,000 $ 10,500 50,000 110,000 0 30,000 25,000 (15,000) Assuming Brandon's marginal ordinary income tax rate is 32 percent, what effect do the gains and losses have on Brandon's tax liability? Use Dividends and Capital Gains Tax Rates for reference