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 $ 53,200 $ 42,600 > 1 year
M stock 31,200 42,200 > 1 year
N stock 33,200 23,600 < 1 year
O stock 29,200 36,200 < 1 year
Antiques 10,200 5,600 > 1 year
Rental home 303,200* 91,600 > 1 year
*$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). Ignore the Net Investment Income Tax. a.
Given that Ron and Anne have taxable income of only $18,400 (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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