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 $ 52,000 30,000 32,000 28,000 9,000 302,000* Tax Basis $ 42,000 40,000 23,000 34,000 5,000 91,000 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. Problem 7-48 Part-a (Algo) Given that Ron and Anne have taxable income of only $22,000 (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 Tax Rates for Net Capital Gains and Qualified Dividends Rate* Trusts and Estates 0% Married Filing Jointly $0 - $80,800 $80,801 - $501,600 $501,601+ Married Filing Separately $0 - $40,400 $40,401 - $250,800 $250,801+ Taxable Income Single $0 - $40,400 $40,401 - $445,850 $445,851+ Head of Household $0 - $54,100 $54,101 - $473,750 $473,751+ 15% $0 - $2,700 $2,701 - $13,250 $13,251+ 20%