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 2016 assuming they file a joint return? During the current year, Ron and Anne sold the following assets: (Use the tax rate schedules.) Capital Asset Market Value Tax BasisDuring the current year, Ron and Anne sold the following assets: (Use the tax rate schedules.)Capital AssetMarket ValueTax BasisHolding PeriodL stock$50,000$41,000> 1 yearM stock 28,000 39,000> 1 yearN stock 30,000 22,000< 1 yearO stock 26,000 33,000< 1 yearAntiques 7,000 4,000> 1 yearRental home 300,000* 90,000> 1 year*$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property).Ignore the Net Investment Income Tax.