Required information Problem 7-48 (LO 7-2) (Static) [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.) L stock M stock Capital Asset Market Value $ 50,000 Tax Basis $ 41,000 Holding Period > 1 year 28,000 39,000 > 1 year. 30,000 22,000 1 year 300,000* 90,000 > 1 year N stock O stock Antiques Rental home *$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-b (Static) b. 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 2021 assuming they file a joint return? Gross tax liability