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Capital Asset L stock M stock N stock O stock Antiques Rental home Market Value $ 50,400 28,400 30,400 26,400 7,400 300,400 Tax Basis $
Capital Asset L stock M stock N stock O stock Antiques Rental home Market Value $ 50,400 28,400 30,400 26,400 7,400 300,400 Tax Basis $ 41,200 39,200 22,200 33,200 4,200 90,200 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. a. Given that Ron and Anne have taxable income of only $20,400 (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? Gross tax liability Capital Asset L stock M stock N stock O stock Antiques Rental home Market Value $ 50,400 28,400 30,400 26,400 7,400 300,400 Tax Basis $ 41,200 39,200 22,200 33,200 4,200 90,200 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. a. Given that Ron and Anne have taxable income of only $20,400 (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? Gross tax liability
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