Example of the problem

5 In 2018, Tom and Amanda Jackson (married filing jointly) have $248,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules) a. On May 12, 2018, they sold a painting (art) for $116,000 that was inherited from Grandma on July 23, 2016. The fair market value on the date of Grandma's death was $93,000 and Grandma's adjusted basis of the painting was $26,200. b. They applied a long-term capital loss carryover from 2017 of $10.600. points SkippedC. They recognized a $12,300 loss on the 11/1/2018 sale of bonds (acquired on 5/12/2008) d. They recognized a $4,360 gain on the 12/12/2018 sale of IBM stock (acquired on 2/5/2018). e. They recognized a $18,440 gain on the 10/17/2018 sale of rental property (the only 1231 transaction) of which $8,960 is reportable as gain subject to the 25 percent maximum rate and the remaining $9.480 is subject to the 0/15/20 percent maximum rates (the property was acquired on 8/2/2012) f. They recognized a $12,600 loss on the 12/20/2018 sale of bonds (acquired on 1/18/2018) g. They recognized a $7,300 gain on the 6/27/2018 sale of BH stock (acquired on 7130/2009). eBook h. They recognized an $11,600 loss on the 6/13/2018 sale of QuikCo stock (acquired on 3/20/2011) Hint i. They received $740 of qualified dividends on 7/15/2018. After completing the required capital gains netting procedures, what will be the Jacksons' 2018 tax liability? (Do not round intermediate calculations.) Print Total tax liabili References