Question: Fred sells the following business-related assets during the year (all held for more than one year): Machine Original Basis Accumulated Depreciation Adjusted Basis Sales Price Gain (Loss) A $110,000 $77,000 $33,000 $48,000 $15,000 B 85,000 30,000 55,000 97,000 42,000 C 100,000 27,000 73,000 65,000 (8,000) Assume that Fred pays tax on ordinary income at a flat rate of 30% and on long-term capital gains at a rate of 15%. What is Fred's tax liability associated with these transactions?