Required information [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 Market Value Tax Basis $41,000 39,000 22,000 33,000 4,000 90,000 Holding Period 50,000 28,000 30,000 26,000 7,000 300,000 > 1 year > 1 year 1 year > 1 year *$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property) lgnore the Net Investment Income Tax. a. Given that Ron and Anne have taxable income of only $20,000 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2019 assuming they file a joint return? (Round all your intermediate computations to the nearest whole dollar amount.) Gross tax liability Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Married Filing Jointly Married Filing Separately Rate* Single Head of Household Trusts and Estates $0 - $78,750 $0- $39,375 $0- $39,375 $0 $52,750 $0 $2,650 0% $78,751 $488,850 $39,376- $244,425 $39,376 - $434,550 $51,751 - $461,700 $2,651 $12,950 15% $488,851+ $244,426+ 20% $434,551+ $461,701+ $12,951 *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose). Required information [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 Market Value Tax Basis $41,000 39,000 22,000 33,000 4,000 90,000 Holding Period 50,000 28,000 30,000 26,000 7,000 300,000 > 1 year > 1 year 1 year > 1 year *$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property) lgnore the Net Investment Income Tax. a. Given that Ron and Anne have taxable income of only $20,000 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2019 assuming they file a joint return? (Round all your intermediate computations to the nearest whole dollar amount.) Gross tax liability Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Married Filing Jointly Married Filing Separately Rate* Single Head of Household Trusts and Estates $0 - $78,750 $0- $39,375 $0- $39,375 $0 $52,750 $0 $2,650 0% $78,751 $488,850 $39,376- $244,425 $39,376 - $434,550 $51,751 - $461,700 $2,651 $12,950 15% $488,851+ $244,426+ 20% $434,551+ $461,701+ $12,951 *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose)