Julio Gonzales is in the 32% tax bracket. He acquired 1,500 shares of stock in Gray Corporation seven years ago at a cost of $120 per share. In the current year, Julio received a payment of $135,000 from Gray Corporation in exchange for 750 of his shares in Gray. Gray has E & P of $6,000,000. What income tax liability would Julio incur on the $135,000 payment in each of the following situations? Assume that Julio has no capital losses and taxpayers in the 32% tax bracket are subject to the long-term capital gains and qualified dividends tax rate of 15%. Question Content Area a. The stock redemption qualifies for sale or exchange treatment. Julio has a capital gain of $fill in the blank bb946cfc8f8ef85_2 30,000 . Julio's tax liability would be $fill in the blank _3 . Feedback Area Feedback Question Content Area b. The stock redemption does not qualify for sale or exchange treatment. Julio has dividend income of $fill in the blank _2 . Julio's tax liability would be $fill in the blank aa7a48019ff403e_3 . Feedback Area Feedback Question Content Area c. For part (b), prepare Julio's Schedule B (Form 1040) to reflect the tax reporting required of the transaction.