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Required information The following information applies to the questions displayed below) During the current year,...

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Accounting

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Required information The following information applies to the questions displayed below) 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 L stock $ 50,000 $41,000 M stock 28,000 39,000 N stock 30,000 22,000 Ostock 26,000 33,000 Antiques 7,000 4,000 Rental home 300,000 90,000 Holding Period > 1 year > 1 year 1 year > 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 $20,000 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2018 assuming they file a joint return? (Round all your intermediate computations to the nearest whole dollar amount.) Gross tax liability

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