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

Capital AssetMarket ValueTax BasisHolding Period

L stock$53,000$42,500> 1 year

M stock 31,000 40,500> 1 year

N stock 33,000 23,500< 1 year

O stock 29,000 34,500< 1 year

Antiques 10,000 5,500> 1 year

Rental home303,000* 91,500> 1 year

*$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 $403,000 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2019 assuming they file a joint return? (Round all your intermediate computations to the nearest whole dollar amount.)