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Business, 23.07.2019 00:20 kjjackson012002

Brandon, an individual, began business four years ago and has sold §1231 assets with $5,900 of losses within the last 5 years. brandon owned each of the assets for several years. in the current year, brandon sold the following business assets: asset original cost accumulated depreciation gain/loss machinery $ 31,800 $ 8,800 $ 10,900 land 58,000 0 29,000 building 126,000 38,000 (23,000 ) assuming brandon's marginal ordinary income tax rate is 32 percent, what effect do the gains and losses have on brandon's tax liability? use dividends and capital gains tax rates for reference.

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