During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) L stock M stock 28,000 Capital Asset Market Value $ 50,000 Tax Basis Holding Period $ 41,000 > 1 year 39,000 > 1 year 22,000 < 1 year 33,000 < 1 year 4,000 > 1 year 90,000 > 1 year N stock O stock Antiques Rental home 30,000 26,000 7,000 300,000* *$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). Ignore the Net Investment Income Tax. 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 2021 assuming they file a joint return? Gross tax liability $ 31,250