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 Market Value $ 54,000 Tax Basis Holding Period $ 43,000 > 1 year M stock 32,000 41,000 > 1 year 34,000 24,000 < 1 year 30,000 35,000 < 1 year 11,000 6,000 > 1 year 304,000* 92,000 > 1 year N stock O stock Antiques Rental home *$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 $24,000 (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 $ 0