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

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Accounting

Required information
[The following information applies to the questionsdisplayed below.]
During the current year, Ron and Anne sold the following assets:(Use the dividends and capital gains tax rates and tax rateschedules.)
Capital Asset Market Value Tax Basis Holding Period
L stock $ 54,800 $ 43,400 > 1 year
M stock 32,800 41,400 > 1 year
N stock 34,800 24,400 < 1 year
O stock 30,800 35,400 < 1 year
Antiques 11,800 6,400 > 1 year
Rental home 304,800* 92,400 > 1 year
*$30,000 of the gain is 25 percent gain (from accumulateddepreciation on the property).

Ignore the Net Investment Income Tax.
a. Given that Ron and Anne have taxable income of only $24,800(all ordinary) before considering the tax effect of their assetsales, what is their gross tax liability for 2018 assuming theyfile a joint return? (Round all your intermediate computations tothe nearest whole dollar amount.)
b. Given that Ron and Anne have taxable incomeof $404,800 (all ordinary) before considering the tax effect oftheir asset sales, what is their gross tax liability for 2018assuming they file a joint return? (Round all yourintermediate computations to the nearest whole dollaramount.)

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1 Determination of gross tax liability for 2018 assuming they file a joint return provided Ron and Anne have taxable income of only 24800 all ordinary before considering the tax effect of their asset sales Capital Asset Market See Answer

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Capital Asset	Market Value		Tax Basis		Holding Period
L stock	$	54,800	$	43,400	> 1 year
M stock		32,800		41,400	> 1 year
N stock		34,800		24,400	< 1 year
O stock		30,800		35,400	< 1 year
Antiques		11,800		6,400	> 1 year
Rental home		304,800*		92,400	> 1 year