Using the taxpayer information and sales data below, net any capital gains and losses, apply the capital gain netting process, use the tax formula to determine the taxable income, and calculate the taxpayer's tax liability for the 2020 taxable year. Note that all gain realized on the sale of the rental property is 25-percent rate gain. Your solution must show the netting process and tax liability calculations. Solutions that do not show work will not be awarded credit TAXPAYER INFORMATION Marital status: Married Filed Jointly Ordinary income before capital gains (losses): 394,400 For AGI deductions: none Itemized deductions: none Standard deduction: 24,800 QBID: none Tax credits: none Sales Data Description Date Purchased Date Sold Adjusted Basis Amount Realized Stock A 6/1/19 1/2/20 7,500 11,000 Stock B 1/15/16 11/30/20 9,000 401,200 Stock 2/1/20 6/15/20 8,200 2.700 Stock D 7/14/12 9/5/20 7,500 2,500 Antiques 3/1/93 7/1/20 20,000 21,000 Rental property 8/15/09 4/22/20 110,000 119,000 1 - All gain realized on sale of rental property is 25% rato gain