Brandon, an individual, began business four years ago and has sold 51231 assets with $5,300...
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Accounting
Brandon, an individual, began business four years ago and has sold 51231 assets with $5,300 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: Original Accumulated Asset Machinery 30,600 Land Building Cost Depreciation Gain/Loss s 7,600 10,300 23,000 26,000 (11,000) 46,000 102,000 Assuming Brandon's marginal ordinary income tax rate is 35 percent, what effect do the gains and losses have on Brandon's tax liability
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