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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
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. Problem 7-48 Part-b (Algo) b. Given that Ron and Anne have taxable income of $403,000 (all ordinary) before considering the tax effect of their asset sales, wha s their gross tax liability for 2021 assuming they file a joint return? Answer is complete but not entirely correct
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