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You, a C corporation, sell the following three assets (all long term). You also had a net 1231 loss of 2,000 in your first

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You, a C corporation, sell the following three assets (all long term). You also had a net 1231 loss of 2,000 in your first year along with a net 1231 gain of 1,000 in your second year. Original Basis Depreciation FMV Equipment 10,000 5,000 8,000 General Electric Stock 5,000 0 15,000 Car 20,000 10,000 5,000 Building 30,000 10,000 40,000 Report the character of all gains. What affect do they have on Cool's tax liability assuming a corporate tax rate of 21% and a capital gains rate of 15%? Show your work

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