In 2020, Tom and Amanda Jackson (married filing jointly) have $292,000 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 $121,500 that was inherited from Grandma on July 23, 2018. The fair market value on the date of Grandma's death was $95,750 and Grandma's adjusted basis of the painting was $27,300. b. They applied a long-term capital loss carryover from 2019 of $11,150. c. They recognized a $12,575 loss on the 11/1/2020 sale of bonds (acquired on 5/12/2010). d. They recognized a $4,690 gain on the 12/12/2020 sale of IBM stock (acquired on 2/5/2020). e. They recognized a $19,760 gain on the 10/17/2020 sale of rental property (the only $1231 transaction), of which $9,840 is reportable as gain subject to the 25 percent maximum rate and the remaining $9,920 is subject to the O/15/20 percent maximum rates (the property was acquired on 8/2/2014). f. They recognized a $13,150 loss on the 12/20/2020 sale of bonds (acquired on 1/18/2020). g. They recognized a $7,575 gain on the 6/27/2020 sale of BH stock (acquired on 7/30/2011). h. They recognized an $12,150 loss on the 6/13/2020 sale of QuikCo stock (acquired on 3/20/2013). i. They received $960 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 In 2020, Tom and Amanda Jackson (married filing jointly) have $292,000 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 $121,500 that was inherited from Grandma on July 23, 2018. The fair market value on the date of Grandma's death was $95,750 and Grandma's adjusted basis of the painting was $27,300. b. They applied a long-term capital loss carryover from 2019 of $11,150. c. They recognized a $12,575 loss on the 11/1/2020 sale of bonds (acquired on 5/12/2010). d. They recognized a $4,690 gain on the 12/12/2020 sale of IBM stock (acquired on 2/5/2020). e. They recognized a $19,760 gain on the 10/17/2020 sale of rental property (the only $1231 transaction), of which $9,840 is reportable as gain subject to the 25 percent maximum rate and the remaining $9,920 is subject to the O/15/20 percent maximum rates (the property was acquired on 8/2/2014). f. They recognized a $13,150 loss on the 12/20/2020 sale of bonds (acquired on 1/18/2020). g. They recognized a $7,575 gain on the 6/27/2020 sale of BH stock (acquired on 7/30/2011). h. They recognized an $12,150 loss on the 6/13/2020 sale of QuikCo stock (acquired on 3/20/2013). i. They received $960 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