Problem 7-48 (LO 7-2) (Algo) [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 L stock M stock N stock O stock Antiques Rental home Market Value $ 50,600 28,600 30, 600 26,600 7,600 300, 600* Tax Basis $41,300 39,300 22,300 33,300 4,300 90,300 Holding Period > 1 year > 1 year 1 year > 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 $20,600 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2020 assuming they file a joint return? (Round all your intermediate computations to the nearest whole dollar amount.) Gross tax liability [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 L stock M stock N stock O stock Antiques Rental home Market Value $ 50, 600 28,600 30, 600 26,600 7,600 300,600+ Tax Basis $41,300 39,300 22,300 33,300 4,300 90,300 Holding Period > 1 year > 1 year 1 year > 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-b (Algo) b. Given that Ron and Anne have taxable income of $400,600 (all ordinary) before considering the tax effect of their asset sales, what is their gross liability 2020 assuming file joint rn? (Round all your intermediate computations to the nearest whole dollar amount.) Gross tax liability