Ron and Anne have taxable income of $400,000 (all ordinary) before considering the tax effect of their asset sales (shown below). What is their tax liability for 2018 assuming they file a joint return?

Asset	Market Value	Tax Basis	Gain/loss	Held
IBM stock	$50,000	$41,000		> 1 year
Painting	120,000	75,000		> 1 year
XOM stock	10,200	2,000		< 1 year
Rental House	150,000	110,000		> 1 year
Orion stock	26,000	33,000		< 1 year
Martel Stock	28,000	39,000		> 1 year
Quark stock	22,000	16,000		< 1 year
Barter stock	42,300	64,000		> 1 year

$25,000 of the rental house gain is 25% gain

The couple also had a $10,000 long term capital loss carryforward from prior years.

Tax Liability

Show your work/netting of gains and losses