Brandon, an individual, began business four years ago and has sold S1231 essets with S5600...
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Accounting
Brandon, an individual, began business four years ago and has sold S1231 essets with S5600 of losses within the ast Syen bandon o ned each of the assets for several years. In the current year Brandon sold the following business assets Original Accunulated Asset Cost Depreciation Gain/Loss Machinery 31,200 8,280 $ 18,680 Land 52,888 26,eea (17,e08) Building 114,eee 32,eee Assuming Brandon's marginal ordinary income tax rate is 35 percent, whet effect do the gains and losses have on Brandon's ax labilty? Multiple Choce $13,800 51231 gan $5.800 ardnary income and $4100 tax labity $19.600 $1231 gsn and $2 940 tax kabity
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