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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 Asset L stock M stock N stock O stock Antiques Rental home Market Value $ 50,000 28,000 30,000 26,000 2 7,000 300,000 Tax Basis $41,000 39,000 22, eee 33, eee 4, eee 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. Tax Rates for Net Capital Gains and Qualified Dividends Taxable income Rate Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates 0. $0 - $80.000 $0.940,000 SO - $40,000 0 $53,600 SO. $2.650 15 $80.001 - 5496.600 S40,001 - $248,300 $40,001 - $441,450 $53,601 - $469,050 $2,651 - $13,150 20 $496,601 - $248,301 S441.451- $469,051 - $13.151- *This role applies to the nel capital gains and qualifie dividends that foll within the range of taxable con specified in the table et capital gains cal qualified dividends are included in reable income last for this purpose) 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 2020 assuming they file a joint return? (Round all your intermediate computations to the nearest whole dollar amount.) 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 2020 assuming they file a joint return? (Round all your intermediate computations to the nearest whole dollar amount.) 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 L stock M stock N stock O stock Antiques Rental home Market Value $ 50,000 28,000 30,000 26,000 2 7,000 300,000 Tax Basis $41,000 39,000 22, eee 33, eee 4, eee 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. Tax Rates for Net Capital Gains and Qualified Dividends Taxable income Rate Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates 0. $0 - $80.000 $0.940,000 SO - $40,000 0 $53,600 SO. $2.650 15 $80.001 - 5496.600 S40,001 - $248,300 $40,001 - $441,450 $53,601 - $469,050 $2,651 - $13,150 20 $496,601 - $248,301 S441.451- $469,051 - $13.151- *This role applies to the nel capital gains and qualifie dividends that foll within the range of taxable con specified in the table et capital gains cal qualified dividends are included in reable income last for this purpose) 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 2020 assuming they file a joint return? (Round all your intermediate computations to the nearest whole dollar amount.) 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 2020 assuming they file a joint return? (Round all your intermediate computations to the nearest whole dollar amount.)