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).

Ron began business four years ago and has sold 1231 assets with $5,000 of losses within the last five years. Ron owned each of the assets below for several years. In the current year, Ron sold the following business assets:

Asset	Original Cost		Accumulated Depreciation		Gain/Loss
Machinery	$	30,000	$	7,000	$	10,000
Land		40,000		0		20,000
Building		90,000		20,000		(5,000	)

Given that Ron and Anne have W-2 income of $224,400 and qualified dividend income of $30,000 before considering the tax effect of their asset sales, what is their gross tax liability for 2019 assuming they file a joint return?

Prepare Form 1040, Schedule D, Schedule D worksheet, Form 4797 and any other forms required.