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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 the dividends and...

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Accounting

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 $ 54,600 $ 43,300 > 1 year
M stock 32,600 41,300 > 1 year
N stock 34,600 24,300 < 1 year
O stock 30,600 35,300 < 1 year
Antiques 11,600 6,300 > 1 year
Rental home 304,600* 92,300 > 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 $404,600 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2018 assuming they file a joint return(MFJ)?

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