Capital gains taxes. Johnson Manufacturing is considering the sale of two non- depreciable assets, X and Y, Asset X was purchased for $3,000 and will be sold today for $3,300. Asset Y was purchased for $20,000 and will be sold today for $25,000. The firm is subject to a 40% tax rate on capital gains. Calculate the amount of capital gain, if any, realized on each of the assets. b. Calculate the tax on the sale of each asset. a