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Problem 7 - 4 8 ( LO 7 - 2 ) ( Algo ) Skip to question [ The following information applies to the questions

Problem 7-48(LO 7-2)(Algo)
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[The following information applies to the questions displayed below.]
During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.)
Capital Asset Market Value Tax Basis Holding Period
L stock $ 51,000 $ 41,500>1 year
M stock 29,00040,000>1 year
N stock 31,00022,500<1 year
O stock 27,00034,000<1 year
Antiques 8,0004,500>1 year
Rental home 301,000*90,500>1 year
*$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-a (Algo)
a. Given that Ron and Anne have taxable income of only $19,500(all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2023 assuming they file a joint return?

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