13 Required information Problem 7-48 (LO 7-2) (Algo) (The following information applies to the questions displayed below.) points During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) eBook Print Capital Asset L stock M stock N stock O stock Antiques Rental home Market Value $ 55,000 33,000 35,000 31,000 12,000 305,000+ Tax Basis $ 43,500 41,500 24,500 35,500 6,500 92,500 Holding Period > 1 year > 1 year 1 year References *$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). Ignore the Net Investment Income Tax. Problem 7-48 Part-a (Algo) a. Given that Ron and Anne have taxable income of only $25,000 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2021 assuming they file a joint return? Gross tax liability 13 Required information Problem 7-48 (LO 7-2) (Algo) (The following information applies to the questions displayed below.) points During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) eBook Print Capital Asset L stock M stock N stock O stock Antiques Rental home Market Value $ 55,000 33,000 35,000 31,000 12,000 305,000+ Tax Basis $ 43,500 41,500 24,500 35,500 6,500 92,500 Holding Period > 1 year > 1 year 1 year References *$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). Ignore the Net Investment Income Tax. Problem 7-48 Part-a (Algo) a. Given that Ron and Anne have taxable income of only $25,000 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2021 assuming they file a joint return? Gross tax liability