Problem 7-48 (LO 7-2) [The following information applies to the questions displayed belowj During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gain ates and dule Capital Asset Market Value L stock M stock N stock 0 stock Antiques Rental home Tax Basis $41,000 39,000 22,000 33,000 4,000 90,000 Holding Period > 1 yean 1 year 1 year $ 50,000 28,000 30,000 26,000 7,000 300,000* 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 a. Given that Ron and Anne have taxable income of only $20,000 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2018 assuming they file a joint return? (Round all your intermediate computations to the nearest whole dollar amount.) Gross tax liability Here are the dividend and capital gains brackets for 2018: Qualified Dividend & Cap Gain Tax Rate Single Filers Head of Household Joint Filers $0 - $0 $51,700 $0 $38,600 $77,200 0% $38,601 $77,201- $51,701 $425,800 $479,000 $452,400 15% 20% > $425,800 >$479,000 >$452,400 Schedule Y-1-Married Filing Jointly or Qualitying Widow(er) If taxable income is over: But not over: The tax is: 19,050 $ 77,400 $165,000 $315,000 $400,000 $600,000 19,050 $ 77,400 $165,000 $315,000 $400,000 $600,000 10% of taxable income $1,905 plus 12% of the excess over $19,050 $3.907 plus 22% of $2s, 179 plus 24% of the eme" over S165.000 sours plus 32% of the excess over S3 15,000 $91,379 plus 35% of the eocess over $400,000 $161,379 plus 37% of the ence" over S600.000 the excess over $77,400