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Check my work 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 L stock M stock N stock O stock Antiques Rental home Market Value $ 50, eee 28, eee 30,000 26,000 7,000 300,000 Tax Basis $41, eee 39, eee 22,000 33,000 4,cee 90,000 Holding Period > 1 year > 1 year 1 year > 1 year 35 *$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). Ignore the Net Investment Income Tax b. Given that Ron and Anne have taxable income of $400,000 (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? (Round all your intermediate computations to the nearest whole dollar amount.) Tax Rates for Net Capital Gains and Qualified Dividends Taxable income Rate" Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates 09 SO - $80,000 SO - S40,000 SO - $40,000 $0-$53,600 50 - 52.650 15% $80,001 - $496,600 $40,001 - $248,300 $40,001 - $441,450 S53,601 - $469,050 $2,651 - $13,150 20% $496,601+ S248,301 $441,451+ $469,051 $13,151+ *This rate applies to the nel capital gains and qualified dividends that fall within the range of taxable income specified in the table nel capital gains and qualified divide included in taxable income last for this purpose). Tax Rates for Net Capital Gains and Qualified Dividends Taxable income Rate" Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates 09 SO - $80,000 SO - S40,000 SO - $40,000 $0-$53,600 50 - 52.650 15% $80,001 - $496,600 $40,001 - $248,300 $40,001 - $441,450 S53,601 - $469,050 $2,651 - $13,150 20% $496,601+ S248,301 $441,451+ $469,051 $13,151+ *This rate applies to the nel capital gains and qualified dividends that fall within the range of taxable income specified in the table nel capital gains and qualified divide included in taxable income last for this purpose). Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 S 80,250 $171,050 $9.235 plus 22% of the excess over $80,250 $171,050 $326,600 $29.211 plus 24% of the excess over $171,050 $326,600 S414,700 S66,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94,735 plus 35% of the excess over $414,700 $622,050 $167,307.50 plus 37% of the excess over $622,050

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