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.) Capital Asset L stock M stock N stock 0 stock Market Value 50,000 28,000 30,000 26,000 7,000 $ Tax Basis $ 41,000 39,000 22,000 < 1 year 33,000 < 1 year > 1 year Antiques 4,000 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. Holding Period Answer is complete but not entirely correct. Gross tax liability $ Problem 7-48 Part-a (Static) a. Given that Ron and Anne have taxable income of only $20,000 (all ordinary) before considering the effect of their asset sales, what is their gross tax liability for 2023 assuming they file a joint return? 28,885 > 1 year > 1 year

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