In 2020, 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.)

Tax Rates for Net Capital Gains and Qualified Dividends

Rate*	Taxable Income
	Married Filing Jointly	Married Filing Separately	Single	Head of Household	Trusts and Estates
0%	$0 - $80,000	$0 - $40,000	$0 - $40,000	$0 - $53,600	$0 - $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+

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

1. On May 12, 2020, they sold a painting (art) for $115,000 that was inherited from Grandma on July 23, 2018. The fair market value on the date of Grandmas death was $92,500 and Grandmas adjusted basis of the painting was $26,000.
2. They applied a long-term capital loss carryover from 2019 of $10,500.
3. They recognized a $12,250 loss on the 11/1/2020 sale of bonds (acquired on 5/12/2010).
4. They recognized a $4,300 gain on the 12/12/2020 sale of IBM stock (acquired on 2/5/2020).
5. They recognized a $18,200 gain on the 10/17/2020 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 8/2/2014).
6. They recognized a $12,500 loss on the 12/20/2020 sale of bonds (acquired on 1/18/2020).
7. They recognized a $7,250 gain on the 6/27/2020 sale of BH stock (acquired on 7/30/2011).
8. They recognized an $11,500 loss on the 6/13/2020 sale of QuikCo stock (acquired on 3/20/2013).
9. They received $700 of qualified dividends on 7/15/2020. After completing the required capital gains netting procedures, what will be the Jacksons 2020 tax liability?

Total tax liability ________