Haresh Required information[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 andtax rate schedules.)Capital AssetL stockM stockN stock0 stockAntiquesRental homeMarket Value$ 53,80031,80033,80029,80010,800303,800*Tax Basis$ 42,90042,80023,90036,8005,90091,900< 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.Gross tax liabilityHolding Period> 1 year> 1 year< 1 yearb. Given that Ron and Anne have taxable income of $403,800 (all ordinary) before considering the tax effect of their asset sales, whatis their gross tax liability for 2023 assuming they file a joint return?

Tax liability is the total amount of tax that is owed to the government by an individual,…

Required information [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 Antiques Rental home 10,800 303,800* *$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). Ignore the Net Investment Income Tax. Market Value $53,800 31,800 33,800 29,800 Gross tax liability Tax Basis. $ 42,900 42,800 23,900 36,800 5,900 91,900 Holding Period > 1 year > 1 year < 1 year < 1 year > 1 year > 1 year b. Given that Ron and Anne have taxable income of $403,800 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2023 assuming they file a joint return?