[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 0 stock Antiques Rental home Market Value $ 53,000 Tax Basis $ 42,500 Holding Period > 1 year 31,000 40,500 > 1 year 33,000 23,500 < 1 year 29,000 34,500 < 1 year 10,000 5,500 > 1 year 303,000* 91,500 > 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) a. Given that Ron and Anne have taxable income of only $23,000 (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? > Answer is complete but not entirely correct. Gross tax liability $ 214,000