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During the current year, Ron and Anne sold the following assets: Capital Asset Market Value Tax Basis Holding Period L stock $50,000 $41,000 > 1

During the current year, Ron and Anne sold the following assets:

Capital Asset

Market Value

Tax

Basis

Holding Period

L stock

$50,000

$41,000

> 1 year

M stock

28,000

39,000

> 1 year

N stock

30,000

22,000

< 1 year

O stock

26,000

33,000

< 1 year

Antiques

7,000

4,000

> 1 year

Rental home

300,000*

90,000

> 1 year

*$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property).

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 2016 assuming they file a joint return?Please upload anexcel spreadsheet for computing the income tax liability

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