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:
Required Reserves
The minimum amount of funds that a bank must hold in reserve against deposits, as mandated by monetary authorities.
Excess Reserves
The reserves that banks hold over and above the legally mandated minimum to meet withdrawal demands.
Federal Reserve Open Market Committee
The branch of the Federal Reserve System responsible for influencing money supply and credit conditions through the trading of government securities.
Board of Governors
The executive leadership of the Federal Reserve System, responsible for the formulation of monetary policies in the United States.
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