Buckley, an individual, began business two years ago and has never sold a $1231$ asset. Buckley has owned each of the assets since he began the business. In the current year, Buckley sold the following business assets: Asset Original Cost Accumulated Depreciation Gain$/$Loss Computers $ $6,000$ $ $2,000$ $ $(3,000)$ Machinery $10,0004,000(2,000)$ Furniture $20,00012,0007,000$ Building $100,00010,000(1,000)$ Assuming Buckley's marginal ordinary income tax rate is $32$ percent, answer the questions for the following alternative scenarios: Required:!

Required Information

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Buckley, an Individual, began business two years ago and has never sold a $$1231$ asset. Buckley

has owned each of the assets since he began the business. In the current year, Buckley sold the

following business assets:

Assuming Buckley's marginal ordinary income tax rate is $32$ percent, answer the questions for the

following alternative scenarios:

Requlred:

c$1.$ Assume that the amount realized increased so that the building was sold at a $$15,000$ gain instead. What is the amount and character of Buckley's gains or losses for the current year?

$1231$ Gain $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$1245$ Gain $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

c$2.$ Calculate Buckley's tax liability or tax savings for the year.

Tax Liability $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

Please provide detailed explantion for your answer and fill in the blanks with the appropriate answer.