Question
Required information Skip to question [The following information applies to the questions displayed below.] During the current year, Ron and Anne sold the following assets:
Required information
Skip to question
[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 | Market Value | Tax Basis | Holding Period |
---|---|---|---|
L stock | $ 52,800 | $ 42,400 | > 1 year |
M stock | 30,800 | 40,400 | > 1 year |
N stock | 32,800 | 23,400 | < 1 year |
O stock | 28,800 | 34,400 | < 1 year |
Antiques | 9,800 | 5,400 | > 1 year |
Rental home | 302,800* | 91,400 | > 1 year |
*$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property).
Ignore the Net Investment Income Tax.
b. Given that Ron and Anne have taxable income of $402,800 (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?
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