pter 7 Homework Required Information The following information applies to the questions displayed below 2 of 2 Anne sold the following assets: (Use 1 the dividends and capital gains tax rates and During the current year, Ron and tax rate schedules.) Capital Asset L stock M stock N stock O stock Antiques Rental home Market Value Tax Basis Holding Period 1 year 1 year 1 year 1 year $41,000 $ 50,000 28,eee 30.000 39,eee 22.000 33,800 26,0ee 7,eee 38e,e00 Book 4,eee 9e, eee rnt "$30,000 of the gain is 25 percent gain (from accumulated depreciation on Ignore the Net Investment Inco the property). me Tax rences b. Given that Ron and Anne have taxable income of $400,00dall 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 lability Schedule Y-1-Married Filing Jointly Qualifying Widow(er) or If taxable income is over: But not over: The tax is: 0 10% of taxable income $1,905 plus 12 % of the excess S8,907 plus 229% of the excess over $77,400 $28,179 plus 24% of the excess over $165,000 $64,179 plus 32 % of the excess over $315,000 $91,379 plus 35% of the excess over $400,000 $161,379 plus 37 % of the excess over $600,000 $19,050 $ 19,050 $77,400 $19,050 $ 77,400 $165,000 $165,000 $315,000 $315,000 $400,000 $400,000 $600,000 $600,000