48. During the current year, Ron and Anne sold the following assets: Capital Asset Market Value Tax Basis Holding Period L stock $50,000 $41,000 >1 year M stock 28,000 39,000 >1 year N stock 30,000 22,000 1 year $30,000 of the gain is 25 percent gain (from accumulated depreciation on the property 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 2021 assuming 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 2021 assuming they file a joint return?