In 2023, Tom and Alejandro Jackson (married filing jointly) have $200,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.)

1. On May 12, 2023, they sold a painting (art) for $110,000 that was inherited from Grandma on July 23, 2021. The fair market value on the date of Grandma's death was $90,000, and Grandma's adjusted basis of the painting was $25,000.
2. They applied a long-term capital loss carryover from 2022 of $10,000.
3. They recognized a $12,000 loss on the 11/1/2023 sale of bonds (acquired on 5/12/2013).
4. They recognized a $4,000 gain on the 12/12/2023 sale of IBM stock (NYSE: IBM) (acquired on 2/5/2023).
5. They recognized a $17,000 gain on the 10/17/2023 sale of rental property (the only 1231 transaction), of which $8,000 is reportable as gain subject to the 25 percent maximum rate and the remaining $9,000 is subject to the 0, 15, or 20 percent maximum rates (the property was acquired on 8/2/2017).
6. They recognized a $12,000 loss on the 12/20/2023 sale of bonds (acquired on 1/18/2023).
7. They recognized a $7,000 gain on the 6/27/2023 sale of BH stock (acquired on 7/30/2014).
8. They recognized an $11,000 loss on the 6/13/2023 sale of QuikCo stock (acquired on 3/20/2016).
9. They received $500 of qualified dividends on 7/15/2023.

Complete the required capital gains netting procedures and calculate the Jacksons'2023 tax liability.