During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.)

*$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 $20,000 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2023 assuming they file a joint return?

gross tax liability =

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 2023 assuming they file a joint return?

gross tax liability =

Tax Rates for Net Capital Gains and Qualified Dividends 2023 Tax Rate Schedules Individuals Schedule X-Single Srhorlula V_1_Marriod Filina Inintlv ar Oualifvina curtivina ennuco CapitalAssetLstockMstockNstockOstockAntiquesRentalhomeMarketValue$50,00028,00030,00026,0007,000300,000TaxBasis$41,00039,00022,00033,0004,00090,000HoldingPeriod>1year>1year1year>1year