n 2018, 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.) On May 12, 2018, they sold a painting (art) for $115,000 that was inherited from Grandma on July 23, 2016. The fair market value on the date of Grandmas death was $92,500 and Grandmas adjusted basis of the painting was $26,000. They applied a long-term capital loss carryover from 2017 of $10,500. They recognized a $12,250 loss on the 11/1/2018 sale of bonds (acquired on 5/12/2008). They recognized a $4,300 gain on the 12/12/2018 sale of IBM stock (acquired on 2/5/2018). They recognized a $18,200 gain on the 10/17/2018 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 8/2/2012). They recognized a $12,500 loss on the 12/20/2018 sale of bonds (acquired on 1/18/2018). They recognized a $7,250 gain on the 6/27/2018 sale of BH stock (acquired on 7/30/2009). They recognized an $11,500 loss on the 6/13/2018 sale of QuikCo stock (acquired on 3/20/2011). They received $700 of qualified dividends on 7/15/2018. After completing the required capital gains netting procedures, what will be the Jacksons 2018 tax liability? (Do not round intermediate calculations.)