! Required information 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 $ 53,400 31,400 33,400 29,400 10,400 303,400* Tax Basis $ 42,700 40, 700 23,700 34,700 5,700 91,700 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. a. Given that Ron and Anne have taxable income of only $23,400 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2021 assuming they file a joint return? Gross tax liability Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Rate* Head of Household Trusts and Estates 0% Married Filing Jointly $0 - $80,800 $80,801 - $501,600 $501,601+ Married Filing Separately SO - $40,400 $40,401 - $250,800 $250,801+ Single $0-$40,400 $40,401 - $445,850 $445,851+ 15% $0-$54,100 $54,101 - $473,750 $473,751+ $0-$2,700 $2,701 - $13,250 $13,251+ 20% *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose)