1.

In 2020, Tom and Amanda Jackson (married filing jointly) have $264,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.) a. On May 12, 2020, they sold a painting (art) for $118,000 that was inherited from Grandma on July 23, 2018. The fair market value on the date of Grandma's death was $94,000 and Grandma's adjusted basis of the painting was $26,600. b. They applied a long-term capital loss carryover from 2019 of $10,800. c. They recognized a $12,400 loss on the 11/1/2020 sale of bonds (acquired on 5/12/2010). d. They recognized a $4,480 gain on the 12/12/2020 sale of IBM stock (acquired on 2/5/2020). e. They recognized a $18,920 gain on the 10/17/2020 sale of rental property (the only $1231 transaction), of which $9,280 is reportable as gain subject to the 25 percent maximum rate and the remaining $9,640 is subject to the 0/15/20 percent maximum rates (the property was acquired on 8/2/2014). f. They recognized a $12,800 loss on the 12/20/2020 sale of bonds (acquired on 1/18/2020). g. They recognized a $7,400 gain on the 6/27/2020 sale of BH stock (acquired on 7/30/2011). h. They recognized an $11,800 loss on the 6/13/2020 sale of QuikCo stock (acquired on 3/20/2013). i. They received $820 of qualified dividends on 7/15/2020. After completing the required capital gains netting procedures, what will be the Jacksons' 2020 tax liability? (Do not round intermediate calculations.) Total tax liability