During the current year, Ron and Anne sold the following assets: (Use the tax rate...
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Accounting
During the current year, Ron and Anne sold the following assets: (Use the tax rate schedules.)
Capital Asset
Market Value
Tax Basis
Holding Period
L stock
$50,000
$41,000
> 1 year
M stock
28,000
39,000
> 1 year
N stock
30,000
22,000
< 1 year
O stock
26,000
33,000
< 1 year
Antiques
7,000
4,000
> 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.
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 2016 assuming they file a joint return?
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