answer part a and b

Required information Problem 7-48 (LO 7-2) (Algo) [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.) Capital Asset L stock M stock N stock O stock Antiques Rental hos Market Value $ 51,400 29,400 31,400 27,400 8.400 301,400- Tax Basis $41,700 39,700 22,700 33,700 4,700 90,700 Holding Period > 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. Problem 7-48 Part-a (Algo) a. Given that Ron and Anne have taxable income of only $21.400 (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.) Grosg tao liability Required information Problem 7-48 (LO 7-2) (Algo) [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.) Capital Asset L stock M stock N stock Ostock Antiques Rental home Market Value $ 51,400 29,400 31,400 27.400 8.400 301,400 Tax Basis $41,700 39,700 22,700 33,700 4,700 90,700 Holding Period > 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. Problem 7-48 Part-b (Algo) b. Given that Ron and Anne have taxable income of $401,400 (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.) Gross tax bility