Check my work 11 0.25 points Skipped In 2020, Tom and Amanda Jackson (married filing jointly) have $256,000 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 $117,000 that was inherited from Grandma on July 23, 2018. The fair market value on the date of Grandma's death was $93,500 and Grandma's adjusted basis of the painting was $26,400. b. They applied a long-term capital loss carryover from 2019 of $10,700. c. They recognized a $12,350 loss on the 11/1/2020 sale of bonds (acquired on 5/12/2010). d. They recognized a $4,420 gain on the 12/12/2020 sale of IBM stock (acquired on 2/5/2020). e. They recognized a $18,680 gain on the 10/17/2020 sale of rental property (the only $1231 transaction), of which $9,120 is reportable as gain subject to the 25 percent maximum rate and the remaining $9,560 is subject to the O/15/20 percent maximum rates (the property was acquired on 8/2/2014). f. They recognized a $12,700 loss on the 12/20/2020 sale of bonds (acquired on 1/18/2020). g. They recognized a $7,350 gain on the 6/27/2020 sale of BH stock (acquired on 7/30/2011). h. They recognized an $11,700 loss on the 6/13/2020 sale of Quik Co stock (acquired on 3/20/2013). i. They received $780 of qualified dividends on 7/15/2020. eBook Hint Print References After completing the required capital gains netting procedures, what will be the Jacksons' 2020 tax liability? (Do not round intermediate calculations.) Total tax liability 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,875 $ 9,875 $ 40,125 $ 40.125 $ 85,525 $ 85,525 $163,300 $163,300 $207,350 $207,350 $518,400 $518,400 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9.875 $4.617.50 plus 22% of the excess over $40.125 $14.605.50 plus 24% of the excess over $85.525 $33,271.50 plus 32% of the excess over $163,300 $47,367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over:But not over: The tax is: $ 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the excess over $80.250 $171,050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 $66,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94.735 plus 35% of the excess over $414,700 $622,050 $167,307.50 plus 37% of the excess over $622,050 Schedule Z-Head of Household If taxable income is over:But not over: The tax is: $ 0 $ 14,100 10% of taxable income $ 14,100 $ 53,700 51,410 plus 12% of the excess over $14,100 $ 53,700 $ 85,500 $6.162 plus 22% of the excess over $53.700 $ 85,500 $163,300 $13,158 plus 24% of the excess over $85,500 Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Rate* Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates 0% $0-$80,000 $0 - $40,000 SO - $40,000 $0 - $53,600 SO - $2,650 15% $80,001 - $496,600 $40,001 - $248,300 $40,001 - $441,450 $53,601 - $469,050 $2.651 - $13,150 20% $496,601+ $248,301+ $441,451+ $469,051+ $13,151+ *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose)