Describe the tax treatment for individual taxpayers in the 37% marginal tax bracket who sell each of the 4 assets below in 2019. Each asset was purchased in 2016 and is used in trade or business. There are no other gains and losses nor any non-recaptured Sec 1231 losses from prior 5 years. The difference between original cost and adjusted basis represents accumulated depreciation.

1. Land sold for $600,000, adjusted basis $350,000

2. Machinery sold for $850,000, original cost $700,000, adjusted basis 600,000

3. Equipment sold for 600,000, original cost 600,000, adjusted basis $500,000

4. Building sold for $900,000, original cost 700,000, adjusted basis $600,000