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During the current year, Ron and Anne sold the following assets: (Use...

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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 $ 50,000 $ 41,000>1 year
M stock 28,00039,000>1 year
N stock 30,00022,000<1 year
O stock 26,00033,000<1 year
Antiques 7,0004,000>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.
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 2023 assuming they file a joint return?

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