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Brandon, an individual, began business four years ago and has sold §1231 assets with $5,600 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 Accumulated Gain/Loss Cost DepreciationMachinery $31,200 $8,200 $10,600 Land 52,000 0 26,000 Building 114,000 32,000 (17,000)
Problem 1: Assuming Brandon's marginal ordinary income tax rate is 32 percent, what effect do the gains and losses have on Brandon's tax liability?
How would the financial position as of December 31, 2009 (the end of the accounting period) be affected if the accountant did not record
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