Business, 08.03.2021 19:40 AK4700

[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 Market Value Tax Basis Holding Period
L stock $ 50,800 $ 41,400 > 1 year
M stock 28,800 39,400 > 1 year
N stock 30,800 22,400 < 1 year
O stock 26,800 33,400 < 1 year
Antiques 7,800 4,400 > 1 year
Rental home 300,800* 90,400 > 1 year
*$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property).
Ignore the Net Investment Income Tax.
Given that Ron and Anne have taxable income of only $20,800 (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

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[The following information applies to the questions displayed below.] During the current year, Ron...

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