7-2 47. During the current year, Ron and Anne sold the following assets: Capital Asset Market Value Tax Basis Holding Perlod L stock M stock N stock O stock Antiques Rental home $50,000 28,000 30,000 26,000 7,000 300,000 $41,000 39,000 22,000 33,000 4,000 90,000 > 1 year > 1 year 1 year > 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 2017 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 2017 assuming they file a joint return