Problem 7-48 Part-a (Algo) a. Given that Ron and Anne have taxable income of only $23,800 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2022 assuming they file a joint return?

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	$ 53,800	$ 42,900	> 1 year
M stock	31,800	40,900	> 1 year
N stock	33,800	23,900	< 1 year
O stock	29,800	34,900	< 1 year
Antiques	10,800	5,900	> 1 year
Rental home	303,800*	91,900	> 1 year

*$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property).

Ignore the Net Investment Income Tax.