esign Layout References Mailings Review View Help Tell me what you want to da Font Paragraph PROBLEM 5 (15 points) Tracy started his sole proprietorship business two years ago and has never sold a $1231 asset Tracy owned each of the assets for the entire 2 years he has been in business. In the current year, he sold the following business assets: Accumulated DepreciationGain/Loss Original Cost Asset Desks Truck Equipment Building $8,000 (S2,000) 18,000 150,000 6,000 12,000 10.000 13,500 25,000 Assuming Tracy's marginal ordinary income tax rate is 30 percent, what is the character of Tracy's gains and/or losses for the current year? What effect do the various gains or losses have on Tracy's tax liability? to search