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Buckley, an individual, began business two years ago and has never sold a $1231 asset. Buckley has owned each of the assets since he began the business. In the current year, Buckley sold the following business assets: Accumulat Original Co 6,000 18,860 28,009 108,00 s 2,000 4,000 12,000 18,886 Computers Machinery Furniture Building s (3,009) (2,000) 7,008 (1,009) Assuming Buckley's marginal ordinary income tax rate is 32 percent, answer the questions for the following alternative scenarios: (Loss amounts should be indicated by a minus sign. Input all other amounts as positive values.) Required: c1. Assume that the amount realized increased so that the building was sold at a $15.000 gain instead. What is the amount and character of Buckley's gains or losses for the current year? c2. Calculate Buckley's tax liability or tax savings for the year Complete this question by entering your answers in the tabs below. Show Req c2 Req ci Assume that the amount realized increased so that the building was sold at a $15,000 gain instead. What is the amou character of Buckley's gains or losses for the current year? Amount S 1,245 s 1.250 Description $1245 gain $1231 gain Req c2 > Complete this question by entering your answers in the tabs below. Req c2 Req ci Calculate Buckley's tax liability or tax savings for the yer. 1,250 Tax liability K Req c1 Buckley, an individual, began business two years ago and has never sold a $1231 asset. Buckley has owned each of the assets since he began the business. In the current year, Buckley sold the following business assets: Accumulat Original Co 6,000 18,860 28,009 108,00 s 2,000 4,000 12,000 18,886 Computers Machinery Furniture Building s (3,009) (2,000) 7,008 (1,009) Assuming Buckley's marginal ordinary income tax rate is 32 percent, answer the questions for the following alternative scenarios: (Loss amounts should be indicated by a minus sign. Input all other amounts as positive values.) Required: c1. Assume that the amount realized increased so that the building was sold at a $15.000 gain instead. What is the amount and character of Buckley's gains or losses for the current year? c2. Calculate Buckley's tax liability or tax savings for the year Complete this question by entering your answers in the tabs below. Show Req c2 Req ci Assume that the amount realized increased so that the building was sold at a $15,000 gain instead. What is the amou character of Buckley's gains or losses for the current year? Amount S 1,245 s 1.250 Description $1245 gain $1231 gain Req c2 > Complete this question by entering your answers in the tabs below. Req c2 Req ci Calculate Buckley's tax liability or tax savings for the yer. 1,250 Tax liability K Req c1

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