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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
N stock
30,000
22,000
< 1 year
O stock
26,000
33,000
Antiques
7,000
4,000
Rental home
300,000*
90,000
*$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property).
Ignore the Net Investment Income Tax.
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 2021 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 2021 assuming they file a joint return?
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