Brandon, an individual, began business four years ago and has sold $1231 assets with $5,250 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: Original Accumulated Cost Asset Machinery Land Building Depreciation $ 30,500 $7,500 o 25,000 45,000 100,000 Gain/Loss $ 10,250 22,500 (10,000) 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. Multiple Choice $22.750 ordinary income and $2,200 tax liability $22.750 51231 gain and $3,413 tax ability $10,000 $1231 gain, $12.750 ordinary income, and $5.580 tax liability $12.750 $1231 gain, $10,000 ordinary income, and $5.313 tax tability. None of the choices are correct