a. Given that Ron and Anne have taxable income of only $24,200 (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 $404,200 (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?

[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.) Holding Period Capital Asset L stock M stock N stock O stock Antiques Rental home Market Value $ 54,200 32,200 34,200 30, 200 11,200 304,200* Tax Basis $ 43,100 41,100 24,100 35,100 6,100 92,100 > 1 year > 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