(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 O stock Antiques Rental home Market Value $ 50,000 28,000 30,000 26,000 7,000 300,000 Tax Basis $41,000 39,000 22,00 33,000 4,000 90,000 Holding Period > 1 year > 1 year 1 year > 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 $400,000 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2020 assuming they file a joint return? (Round all your intermediate computations to the nearest whole dollar amount.) Gross tax liability Taxable income Rate Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates 0% 50 - 580,000 $0-$40,000 50 - $40,000 $0.$53,600 50 - $2.650 1596 $80,001 - $496,600 S40,001 - $248,300 S40,001 - $441,450 $53,601 - $469,050 $2,651 - $13,150 20% S496,601+ S248,301+ $441,451+ $469,051+ $13,151+ *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (ner capital gains and qualified dividence purpose)