Tax Rates for Net Capital Gains and Qualified Dividends Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse \begin{tabular}{|c|c|l|} \hline If taxable income is over: & But not over: & \multicolumn{1}{|c|}{ The tax is: } \\ \hline$40 & $22,000 & 10% of taxable income \\ \hline$22,000 & $89,450 & $2,200 plus 12% of the excess over $22,000 \\ \hline$89,450 & $190,750 & $10,294 plus 22% of the excess over $89,450 \\ \hline$190,750 & $364,200 & $32,580 plus 24% of the excess over $190,750 \\ \hline$364,200 & $462,500 & $74,208 plus 32% of the excess over $364,200 \\ \hline$462,500 & $693,750 & $105,664 plus 35% of the excess over $462,500 \\ \hline$693,750 & - & $186,601.5 plus 37% of the excess over $693,750 \\ \hline \end{tabular} 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.) a. 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. b. They applied a long-term capital loss carryover from 2022 of $10,000. c. They recognized a $12,000 loss on the 11/1/2023 sale of bonds (acquired on 5/12/2013). d. They recognized a $4,000 gain on the 12/12/2023 sale of IBM stock (NYSE: IBM) (acquired on 2/5/2023). e. 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). f. They recognized a $12,000 loss on the 12/20/2023 sale of bonds (acquired on 1/18/2023). g. They recognized a $7,000 gain on the 6/27/2023 sale of BH stock (acquired on 7/30/2014). h. They recognized an $11,000 loss on the 6/13/2023 sale of QuikCo stock (acquired on 3/20/2016). i. They received $500 of qualified dividends on 7/15/2023. Complete the required capital gains netting procedures and calculate the Jacksons' 2023 tax liability