Brandon, an individual, began business two years ago.

In the current year, Brandon sold the following business assets:

Asset	Original Cost	Accumulated Depreciation	Sales Price
Machinery	30,000	7,000	28,000
Land	40,000	8,500	46,600
Building	15,000	0	12,150
Equipment	115,000	14,500	91,000

Assuming Brandon's marginal ordinary income tax rate is 25 percent, what effect do the gains and losses have on Brandon's tax liability? (What is the character of the gains/losses incurred)