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 $ $54,400$ $ $43,200>1$ year

M stock $32,40043,400>1$ year

N stock $34,40024,200<1$ year

O stock $30,40037,400<1$ year

Antiques $11,4006,200>1$ year

Rental home $304,400*92,200>1$ 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 $$404,400($all ordinary$)$ before considering the tax effect of their asset sales, what is their gross tax liability for $2023$ assuming they file a joint return?

Answer rating: 100% (QA)

To work out Ron and Annes net duty obligation for 2023 in the wake of considering the expense impact of their resource deals we really want to decide ... View the full answer