Problem 7-49 (LO 7-2) In 2018, Tom and Amanda 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.) a. On May 12, 2018, they sold a painting (art) for $110,000 that was inherited from Grandma on July 23, 2016. 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 b. They applied a long-term capital loss carryover from 2017 of $10,000 c. They recognized a $12,000 loss on the 11//2018 sale of bonds (acquired on 5/12/2008). d. They recognized a $4,000 gain on the 12/12/2018 sale of IBM stock (acquired on 2/5/2018). e. They recognized a $17,000 gain on the 10/17/2018 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 0/15/20 percent maximum rates (the property was acquired on 8/2/2012) f. They recognized a $12,000 loss on the 12/20/2018 sale of bonds (acquired on 1/18/2018). g. They recognized a $7000 gain on the 6/27/2018 sale of BH stock (acquired on 7/30/2009). h. They recognized an $11,000 loss on the 6/13/2018 sale of QuikCo stock (acquired on 3/20/2011). L They received $500 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.) Here are the dividend and capital gains brackets for 2018: Qualified Dividend & Cap Gain Tax Rate Single Filers Head of Household Joint Filers 096 $0 $38,600 $0- $77,200 $0-$51,700 15% $38,601$77,201 $425,800 $479,000 $452,400 $51,701 2096 $425,800 $479,000 >$452,400 s .525 34,700 82,500 5 13,00 $31,000 82500 20% oftauti. 952 50 pl 12 of the 9952 1,360 plus 12% of tha 13,800 N 313.800 38,700 82,500 157 300 582500 32.069 50 ph 325% of the r $157,500 157,500 The ta i 9325 38.700 s 82 500 $157,500 19,050 77,400 9.323 38,700 82,300 137,300 165,000 $31100 2,179 ps 24 of thes $365,00 .co950 ph_ 24%of res o-sexo