Question: 22 Question 22 (1 point) Ellen is in the 32% marginal tax bracket when considering other income. In addition to that income, she sold machinery
Question 22 (1 point) Ellen is in the 32% marginal tax bracket when considering other income. In addition to that income, she sold machinery used in her sole proprietorship business this year for $4,000. She bought the machinery six years ago for $11,000 and had made a Section 179 election to expense the total cost of the machinery at the time. What is Ellen's incremental tax on this income? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!! Question 23 (1 point) Walter sold a number of assets during the year. One sale generated a Section 1231 loss of $5,000, another a long-term capital gain of $5,000, and another a short-term capital loss of $4,000. What is Walter's final position that will be reported on his tax return as a result of these sales
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