# During the current year, Ron and Anne sold the following assets: (Use the dividends and capital...

###### Question:

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 $50,000$ 41,000 > 1 year M stock 28,000 39,000 > 1 year N stock 30,000 22,000 < 1 year O stock 26,000 33,000 < 1 year Antiques 7,000 4,000 > 1 year Rental home 300,000* 90,000 > 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 Rate* Taxable Income Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates 0%$0 - $78,750$0 - $39,375$0 - $39,375$0 - $52,750$0 - $2,650 15%$78,751 - $488,850$39,376 - $244,425$39,376 - $434,550$52,751 - $461,700$2,651 - $12,950 20%$488,851+ $244,426+$434,551+ $461,701+$12,951+

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 2019 assuming they file a joint return? 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 2019 assuming they file a joint return?

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