49. In 2023 Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income

before considering the following events:

a) On May 12, 2023, they sold a painting (art) for $110,000 that was inherited from

Grandma on July 23, 2021. The fair market value on the date of Grandma's death was

$90,000 and Grandma's adjusted basis of the painting was $25,000.

b) They applied a long-term capital loss carryover from 2022 of $10,000.

c) They recognized a $12,000 loss on 11/1/2023 sale of bonds (acquired on 5/12/2012).

d) They recognized a $4,000 gain on 12/12/2023 sale of IBM stock (acquired on

2/5/2023).

e) They recognized a $17,000 gain on the 10/17/2023 sale of rental property (the only

1231 transaction) of which $8,000 is reportable as gain subject to the 25 percent

maximum rate and the remaining $9,000 is subject to the 0/15/20 percent maximum

rates (the property was acquired on 8/2/2017).

f) They recognized a $12,000 loss on 12/20/2023 sale of bonds (acquired on 1/18/2023).

g) They recognized a $7,000 gain on 6/27/2023 sale of BH stock (acquired on

7/30/2014).

h) They recognized an $11,000 loss on 6/13/2023 sale of QuikCo stock (acquired on

3/20/2016).

i) They received $500 of qualified dividends on 7/15/2023.

Complete the required capital gains netting procedures and calculate the Jacksons

2023 tax liability