In 2023, Tom and Alejandro Jackson (married filing jointly) have $300,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.) On May 12, 2023, they sold a painting (art) for $122,500 that was inherited from Grandma on July 23, 2021. The fair market value on the date of Grandma's death was $96,250, and Grandma's adjusted basis of the painting was $27,500. They applied a long-term capital loss carryover from 2022 of $11,250. They recognized a $12,625 loss on the 11/1/2023 sale of bonds (acquired on 5/12/2013). They recognized a $4,750 gain on the 12/12/2023 sale of IBM stock (NYSE: IBM) (acquired on 2/5/2023). They recognized a $20,000 gain on the 10/17/2023 sale of rental property (the only 1231 transaction), of which $10,000 is reportable as gain subject to the 25 percent maximum rate and the remaining $10,000 is subject to the 0, 15, or 20 percent maximum rates (the property was acquired on 8/2/2017). They recognized a $13,250 loss on the 12/20/2023 sale of bonds (acquired on 1/18/2023). They recognized a $7,625 gain on the 6/27/2023 sale of BH stock (acquired on 7/30/2014). They recognized an $12,250 loss on the 6/13/2023 sale of QuikCo stock (acquired on 3/20/2016). They received $1,000 of qualified dividends on 7/15/2023. Complete the required capital gains netting procedures and calculate the Jacksons' 2023 tax liability