Buckley, an individual, began business two years ago and has never sold a section 1231 asset. Buckley owned each of the assets for several years. In the current year, Buckley sold the following business assets: Asset Cost Depreciation 1231 gain/loss Computers 6,000 $2,000 ($3,000) Machinery $10,000 $4,000 ($2,000) Furniture $20,000 $12,000 $7,000 Building $100,000 $10,000 ($1,000) Assuming Buckley's marginal ordinary income tax rate is 35 percent A. What are Buckley's gains or losses for the current year? What effect do the gains and losses have on Buckley's tax liability? B. Assume Building was sold at a 6,000 gain instead. What are Buckley's gains or losses for the current year? What effect do the gains and losses have on Buckley's tax liability?