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Taxpayer George is a sole proprietor. In the current year he disposed of the following business assets. All assets were sold at FMV, except that the vehicle was traded on a similar vehicle. Recognized Cost Acc Depn Adj Basis FMV Gain/Loss Character Equipment 83,000 77,400 20,000 Vehicle 47,000 8,260 36,000 Warehouse 280,000 126,000 200,000 Machinery 132,000 46,750 75,000 Computer 12,000 6,240 2,000 a) Complete the schedule above by filling in the blank columns. "Character" refers to the character of gain or loss (not the asset) taken individually before any netting. b) Compute George's taxable income. Apart from the above items, his taxable income is $120,000. c) Compute George's federal income tax. He is single.
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