Problem 7-49 (LO 7-2) (Algo) 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.) a. 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 Grandma's death was $92,500 and Grandma's adjusted basis of the painting was $26,000. b. They applied a long-term capital loss carryover from 2019 of $10,500. c. They recognized a $12,250 loss on the 11/1/2020 sale of bonds (acquired on 5/12/2010). d. They recognized a $4,300 gain on the 12/12/2020 sale of IBM stock (acquired on 2/5/2020). e. 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). f. They recognized a $12,500 loss on the 12/20/2020 sale of bonds (acquired on 1/18/2020). g. They recognized a $7,250 gain on the 6/27/2020 sale of BH stock (acquired on 7/30/2011). h. They recognized an $11,500 loss on the 6/13/2020 sale of Quikdo stock (acquired on 3/20/2013). i. 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? (Do not round intermediate calculations.) Total tax liability