LO 7-2 48. During the current year, Ron and Anne sold the following assets: Capital Asset Market Value Tax Basis L stock $ 50,000 $41,000 Holding Period > 1 year M stock 28,000 39,000 > 1 year N stock O stock Antiques Rental home 30,000 22,000 < 1 year 26,000 33,000 < 1 year 7,000 4,000 > 1 year 300,000* 90,000 > 1 year *$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). a) Given that Ron and Anne have taxable income of only $20,000 (all ordinary) be- fore considering the tax effect of their asset sales, what is their gross tax liability for 2021 assuming they file a joint return? b) 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 2021 assuming they file a joint return?