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 Tax Basis Holding Period $ 51,600 $ 41,800 > 1 year 29,600 39,800 > 1 year 31,600 22,800 < 1 year 27,600 33,800 < 1 year 4,800 > 1 year 90,800 > 1 year 8,600 301,600* *$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 $21,600 (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? Answer is complete but not entirely correct. Gross tax liability $ 6,912