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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

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[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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