Buckley, an individual, began business two years ago and has never sold a asset. Buckley has owned each of the assets since he began the business. In the current year, Buckley sold the following business assets: Asset Original Cost Accumulated Depreciation GainLoss Computers $ $ $ Machinery Furniture Building Assuming Buckley's marginal ordinary income tax rate is percent, answer the questions for the following alternative scenarios: Required:
c Assume that the amount realized increased so that the building was sold at a $ gain instead. What is the amount and character of Buckley's gains or losses for the current year?
Gain $
Gain $
c Calculate Buckley's tax liability or tax savings for the year.
Tax Liability $
Please provide detailed explantion for your answer and fill in the blanks with the appropriate answer.
