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  3. during the current year, ron and anne sold the fol

During the current year, Ron and Anne sold the following assets: (Use thetax rate schedules.)...

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Accounting

During the current year, Ron and Anne sold the following assets: (Use thetax rate schedules.)

Capital Asset Market Value Tax Basis Holding Period
L stock $ 50,000 $ 41,000 > 1 year
M stock 28,000 39,000 > 1 year
N stock 30,000 22,000 < 1 year
O stock 26,000 33,000 < 1 year
Antiques 7,000 4,000 > 1 year
Rental 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.

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 2017 assuming they file a joint return?

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