During 2002, a firm has sold 5 assets described below. Calculate the tax liability on the assets. The firm pays a 40 percent tax rate on ordinary income. 
Definitions:
Jones-Shafroth Act
A United States federal law enacted in 1917, granting U.S. citizenship to individuals in Puerto Rico.
Citizenship
The status of being a recognized subject or member of a state, with associated rights and duties.
Anti-Imperialists
This term describes individuals and groups who opposed imperialism, arguing that it violated the fundamental principles of democracy and was morally wrong.
Filipino Nationalists
Refers to individuals from the Philippines who advocated for national independence from Spanish and later American colonial rule, especially active during the late 19th and early 20th centuries.
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