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Required information [The following information applies to the questions displayed below.] During...

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Accounting

Required information
[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.)
$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property).
Capital Asset | Market Value | Tax Basis | Holding Period
L stock | $ 54,400| $ 43,200|>1 year
M stock |32,400|43,400|>1 year
N stock |34,400|24,200|1 year
O stock |30,400|37,400|1 year
Antiques |11,400|6,200|>1 year
Rental home |304,400*|92,200|>1 year
Ignore the Net Investment Income Tax.
a. Given that Ron and Anne have taxable income of only $17,800(all ordinary) before considering the tax effect of their asset sales,
what is their gross tax liability for 2023 assuming they file a joint return?
b. Given that Ron and Anne have taxable income of $404,400(all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2023 assuming they file a joint return?
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