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

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During the current year, Ron and Anne sold the following assets: $($Use the dividends and capital gains tax rates and tax rate schedules.$)$

Capital AssetMarket ValueTax BasisHolding PeriodL stock$ $50,200$$ $41,100>1$ yearM stock$28,20039,200>1$ yearN stock$30,20022,100<1$ yearO stock$26,20033,200<1$ yearAntiques$7,2004,100>1$ yearRental home$300,200*90,100>1$ 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 $$19,900($all ordinary$)$ before considering the tax effect of their asset sales, what is their gross tax liability for $2024$ assuming they file a joint return?