25 In 2020, Tom and Amanda Jackson (married filing jointly) have $260,000 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 $117.500 that was inherited from Grandma on July 23, 2018. The fair market value on the date of Grandma's death was $93,750 and Grandma's adjusted basis of the painting was $26,500. b. They applied a long-term capital loss carryover from 2019 of $10,750. c. They recognized a $12,375 loss on the 11/1/2020 sale of bonds (acquired on 5/12/2010). d. They recognized a $4,450 gain on the 12/12/2020 sale of IBM stock (acquired on 2/5/2020). e. They recognized a $18,800 gain on the 10/17/2020 sale of rental property (the only 51231 transaction), of which $9,200 is reportable as gain subject to the 25 percent maximum rate and the remaining $9,600 is subject to the 0/15/20 percent maximum rates (the property was acquired on 8/2/2014). f. They recognized a $12,750 loss on the 12/20/2020 sale of bonds (acquired on 1/18/2020). g. They recognized a $7,375 gain on the 6/27/2020 sale of BH stock (acquired on 7/30/2011). h. They recognized an $11,750 loss on the 6/13/2020 sale of Quik Co stock (acquired on 3/20/2013). 1. They received $800 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 Tax Rates for Net Capital Gains and Qualified Dividends Taxable income Rate Married Piling Jointly Married Filing Separately Single Head of Household Trusts and Estates 09 SO - $80,000 50 - $40,000 $0-$40,000 SO-553,600 SO - $2,650 1596 $80,001 - 5496,600 S40,001 - 5248,300 S40,001 - 5441.450 553.601 - $469,050 52,651 - 513,150 20% S496,601+ $248,301- S441,451 $469,051 S13,151 *This rate applies to the per capital gains and qualified dividends that fall within the range of taxable income specified in the table (wer capital gains and qwalified dividends are inchided in faxable income last for this purpose)