Connor, whose tax rate is 32%, sells each of the following assets for $240,000. Each case is an independent case. View the independent cases. View the capital gains and dividends rates. View the 2022 tax rate schedule for the Single filing status. Independent Cases 1. Building purchased in 2006 for $245,000 with adjusted basis of $175,000. 2. Equipment purchased in 2018 for $320,000 with adjusted basis of $159,000. 3. Land purchased in 1999 for $25,000 to use as a building site. 4. Building purchased in 2005 for $165,000 with adjusted basis of $137,000. 5. Equipment purchased in 2019 for $215,000 with adjusted basis of $135,000. Print Done For each independent case, enter the amounts into columns 1-2 to classify the gain/(loss). Then enter the amount into the appropriate tax rate to be used in columns 3-5. (If an input field is not used, leave the input field(s) empty. Do not enter a zero.) Sec. 1231 Gain Ordinary (Loss) Taxed at Income 32% Taxed at 25% Taxed at 20% Taxed at 15% Building purchased in 2006 for $245,000 with adjusted basis of $175,000 Equipment purchased in 2018 for $320,000 with adjusted basis of $159,000 Sec. 1231 Gain (Loss) Ordinary Income Taxed at 32% Taxed at 25% Taxed at Taxed at 20% 15% Sec. 1231 Gain (Loss) Ordinary Income Taxed at Taxed at Taxed at Taxed at 32% 25% 20% 15% Land purchased in 1999 for $25,000 to use as a building site Sec. 1231 Gain (Loss) Ordinary Income Taxed at Taxed at Taxed at Taxed at 32% 25% 20% 15% Building purchased in 2005 for $165,000 with adjusted basis of $137,000 Equipment purchased in 2019 for $215,000 with adjusted basis of $135,000 Sec. 1231 Gain (Loss) Ordinary Income Taxed at Taxed at Taxed at Taxed at 32% 25% 20% 15% Capital Gains and Dividends Rates Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: Ordinary income tax rates (up to 37% in 2022) for gains on assets held one year or less 28% rate on collectibles gains and includible Sec. 1202 gains Preferential tax rates for gains on assets held for more than one year and qualified dividends based on the taxpayer's taxable income and filing status as shown in the following table: Preferential Rate 0% Single Up to $41,675 15% 20% > $41,675 but not over $459,750 Over $459,750 Filing Jointly* Up to $83,350 Head of Household Up to $55,800 > $83,350 but not over $517,200 > $55,800 but not over $488,500 Over $517,200 Over $488,500 * The corresponding amounts if married filing separately are half of the amounts for filing jointly. The preferential rate is zero for taxable income up to $41,675 if married filing separately. Print Done Single Tax Rate Schedule If taxable income is: Not over $10,275 Over $10,275 but not over $41,775 Over $41,775 but not over $89,075 Over $89,075 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $539,900 Over $539,900 Single The tax is: 10% of taxable income. $1,027.50 + 12% of the excess over $10,275 $4,807.50 +22% of the excess over $41,775 $15,213.50 + 24% of the excess over $89,075 $34,647.50 + 32% of the excess over $170,050 $49,335.50 + 35% of the excess over $215,950 $162,718.00 + 37% of the excess over $539,900 Print Done