Capital Gain (Loss) and Recapture of Depreciation. For each of the following cases, compute the total taxes resulting from the sale of the asset. Assume a 34 percent ordinary tax rate. The asset was...

Capital Gain (Loss) and Recapture of Depreciation. For each of the following cases, compute the total taxes resulting from the sale of the asset. Assume a 34 percent ordinary tax rate. The asset was purchased for $75,000 3 years ago and has a book value (undepreciated value) of $40,000. (a) The asset is sold for $80,000. (b) The asset is sold for $70,000. (c) The asset is sold for $40,000. (d ) The asset is sold for $38,000.