During the current year, Ron and Anne sold the following assets:

a. Given that Ron and Anne have taxable income of only $20,000 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2014assuming they file a joint return?
b. Given that Ron and Anne have taxable income of $400,000 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2014assuming they file a joint return?

Capital Holding Period Market Value $50,000 28,000 30,000 26,000 Asset Basis L stock M stock N stock O stock Antiques Rental home S30,000 of the gain is 25 percent gain (from accumulated depreciation on the property) S41,000 39,000 22,000 33,000 4.000 90.000 ear l vear < 1 year < 1 year > 1 year 7,000 300,000* 1 year