1231, 1245 and 1250. Glen, whose tax rate is 33%, sells each of the following assets for $200,000. Each case is an independent case.

Secs. 1231, 1245 and 1250. Glen, whose tax rate is 33%, sells each of the followingassets for $200,000. Each case is an independent case.Building purchased in1995 for $220,000 withadjusted basis of $165,000.Equipment purchased in2005 for $300,000 withadjusted basis of $144,000Land purchased in 1990for $30,000 to use as abuilding siteBuilding purchased in1994 for $150,000 withadjusted basis of $112,000Equipment purchased in2006 for $180,000 withadjusted basis of $140,000