Brandon, an individual, began business four years ago and has sold 1231 assets with $6,000 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:

Asset	Original Cost	Accumulated Depreciation	Gain/Loss
Machinery	$ 30,000	$ 7,000	$ 10,000
Land	40,000	0	20,000
Building	90,000	20,000	(5,000)

Assuming Brandon's marginal ordinary income tax rate is 32 percent, what effect do the gains and losses have on Brandon's tax liability?

Which of the following is true regarding the 1231 look-back rule?

Which one of the following is not a requirement of a deferred like-kind exchange?

Which of the following is not an involuntary conversion?