14 Required information [The following information applies to the questions displayed below) During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules) Part 1 of 2 Holding Period 10 pois Capital Asset L stock M stock N stock Ostock Antiques Rental home Market Value $50,000 28,000 30,000 26,000 7,000 300,000 Tax Basis $41,000 39,000 22,000 33,000 4,000 90,000 1 year 1 year > 1 year *$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). Ignore the Net Investment Income Tax a. Given that Ron and Anne have taxable income of only $20.000 (aff ordinary before considering the tax effect of their asset sales, what is their gross tax liability for 2020 assuming they file a joint return? (Round all your intermediate computations to the nearest whole dollar amount.) Answer is complete but not entirely correct. Gross taxi $ 83,190 15 (The following information applies to the questions displayed below) During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and taxe schedules Part 2 of 2 Tax Basis $41,000 10 points Capital Asset stock M stock N stock Ostock Antiques Rental home Market Value $50,000 28.000 10,000 26,000 7,000 300,000 Holding Period > 1 year > 1 year 22,000 33.000 4,000 90,000 1 year > 1 year "$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property) Ignore the Net Investment Income Tax. 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 2020 assuming they file a joint return? (Round all your intermediate computations to the nearest whole dollar amount.) Answer is complete but not entirely correct. Gross tax liability 83,190