Problem $7-48($LO $7-2)($Algo$)$

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$[$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 Holding Period

L stock $ $51,000$ $ $41,500>1$ year

M stock $29,00040,000>1$ year

N stock $31,00022,500<1$ year

O stock $27,00034,000<1$ year

Antiques $8,0004,500>1$ year

Rental home $301,000*90,500>1$ year

$*$$$30,000$ of the gain is $25$ percent gain $($from accumulated depreciation on the property$).$

Ignore the Net Investment Income Tax.

Problem $7-48$ Part$-$a $($Algo$)$

a$.$ Given that Ron and Anne have taxable income of only $$19,500($all ordinary$)$ before considering the tax effect of their asset sales, what is their gross tax liability for $2023$ assuming they file a joint return?