! Required information Problem 11-50 (LO 11-5) (Algo) [The following information applies to the questions displayed below.] Aruna, a sole proprietor, wants to sell two assets that she no longer needs for her business. Both assets qualify as $1231 assets. The first is machinery and will generate a $20,000 $1231 loss on the sale. The second is land that will generate a $13,400 $1231 gain on the sale. Aruna's ordinary marginal tax rate is 32 percent. (Input all amounts as positive values.) Problem 11-50 Part-a (Algo) a. Assuming she sells both assets in December of year 1 (the current year), what effect will the sales have on Aruna's tax liability? Aruna's tax will by Problem 11-50 Part-b (Algo) b. Assuming that Aruna sells the land in December of year 1 and the machinery in January of year 2, what effect will the sales have on Aruna's tax liability for each year? Arina tov: Assessment Tool iFrame Aruna's tax will in year 1 by in year 2 by