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

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:

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?

Tax Holding Period Capital Asset Market Value Basis L stock $50,000 $41,000 > 1 year M stock 28,000 39,000 > 1 year N stock 30,000 22,000 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 Machinery Land Building Original Cost $ 30,000 40,000 90,000 Accumulated Depreciation Gain Loss S 7,000 $ 10.000 0 20,000 20,000 (5,000) Tax Holding Period Capital Asset Market Value Basis L stock $50,000 $41,000 > 1 year M stock 28,000 39,000 > 1 year N stock 30,000 22,000 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 Machinery Land Building Original Cost $ 30,000 40,000 90,000 Accumulated Depreciation Gain Loss S 7,000 $ 10.000 0 20,000 20,000 (5,000)