Mr. and Mrs Cosgrove fle a joint return and have taxable income of $360,000 without considering the following independent fact situations View the independent fact situations View the 2022 tax rate schedule for the Mamiod fing jointly flling status. View the Prelerential Rates for Adiusted Net Capital Gain (ANCG) and Qualifed Dwidends. Requirement Determine the increase in their tax liability for each independent fact situation. Situation a. Determine the increase in their tax llability y Independent Fact Situations Increase in tax liability a. They have a shont-term capital gain (STCG) of 533,000 and a long term capital loss (LTCL) of $20,000. b. They have a long-term capatat gain (LTCG) of 525.000 dve to the sale of a collectible and a LrCG of 59,500 due to the sale of General Motors stock. c. Same as Part b except they also have a short term capial loss (STCL) of 54,500 Married Filing Joint Tax Rate Schedule Rates for Adjusted Net Capital Gain (ANCG) and Qualified Dividends Capital Gains and'Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: - Ordinary income tax rates (up to 37% in 2022) for gains on assets held one year or less - 28% rate on collectibles gains and includible Sec 1202 gains - Preferential tax rates for gains on assets held for more than one year and qualified dividends based on the taxpayer's taxable income and filing status as shown in the following table: - The corresponding amounts if married fiting separately are half of the amounts for fling jointly. The preferential rate is zero for taxable income up to $41,675 if married fling separately