Brandon, an individual, began owned each of the assets for several years. In the current year, Brandon sold the following business assets s four years ago and has sold 1231 assets with $5,300 of losses within the last 5 years. Brandon OriginalAccumulated Cos Machinery 30,600 46,000 102,000 in/Los 7,600 10,30e 23,000 26,000 (11,000) Land Building Assuming Brandon's marginal ordinary income tax rate is 35 percent, what effect do the gains and losses have on Brandon's tax liability? Multiple Choice $9,400 51231 gain, $12,900 ordinary income, and $5,925 tax liability