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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:

Required:

b$1.$ Assume that the amount realized increased so that the building was sold at a $$6,000$ gain instead. What is the amount and

character of Buckley's gains or losses for the current year?

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

Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

Assume that the amount realized increased so that the building was sold at a $$6,000$ gain instead. What is the amount and

character of Buckley's gains or losses for the current year?