In 2019, Tom and Amanda Jackson (married filing jointly) have $240,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.) a. On May 12, 2019, they sold a painting (art) for $115,000 that was inherited from Grandma on July 23, 2017. The fair market value on the date of Grandma's death was $92,500 and Grandma's adjusted basis of the painting was $26,000. b. They applied a long-term capital loss carryover from 2019 of $10,500. c. They recognized a $12,250 loss on the 11/1/2019 sale of bonds (acquired on 5/12/2009). d. They recognized a $4,300 gain on the 12/12/2019 sale of IBM stock (acquired on 2/5/2019). e. They recognized a $18,200 gain on the 10/17/2019 sale of rental property (the only $1231 transaction) of which $8,800 is reportable as gain subject to the 25 percent maximum rate and the remaining $9,400 is subject to the 0/15/20 percent maximum rates (the property was acquired on 8/2/2013). f. They recognized a $12,500 loss on the 12/20/2019 sale of bonds (acquired on 1/18/2019). g. They recognized a $7,250 gain on the 6/27/2019 sale of BH stock (acquired on 7/30/2010). h. They recognized an $11,500 loss on the 6/13/2019 sale of Quik Co stock (acquired on 3/20/2012). i. They received $700 of qualified dividends on 7/15/2019. After completing the required capital gains netting procedures, what will be the Jacksons' 2019 tax liability? (Do not round intermediate calculations.) Total tax liability In 2019, Tom and Amanda Jackson (married filing jointly) have $240,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.) a. On May 12, 2019, they sold a painting (art) for $115,000 that was inherited from Grandma on July 23, 2017. The fair market value on the date of Grandma's death was $92,500 and Grandma's adjusted basis of the painting was $26,000. b. They applied a long-term capital loss carryover from 2019 of $10,500. c. They recognized a $12,250 loss on the 11/1/2019 sale of bonds (acquired on 5/12/2009). d. They recognized a $4,300 gain on the 12/12/2019 sale of IBM stock (acquired on 2/5/2019). e. They recognized a $18,200 gain on the 10/17/2019 sale of rental property (the only $1231 transaction) of which $8,800 is reportable as gain subject to the 25 percent maximum rate and the remaining $9,400 is subject to the 0/15/20 percent maximum rates (the property was acquired on 8/2/2013). f. They recognized a $12,500 loss on the 12/20/2019 sale of bonds (acquired on 1/18/2019). g. They recognized a $7,250 gain on the 6/27/2019 sale of BH stock (acquired on 7/30/2010). h. They recognized an $11,500 loss on the 6/13/2019 sale of Quik Co stock (acquired on 3/20/2012). i. They received $700 of qualified dividends on 7/15/2019. After completing the required capital gains netting procedures, what will be the Jacksons' 2019 tax liability? (Do not round intermediate calculations.) Total tax liability