In 2013, Jeff and Kim Jenson (married filing a joint return) have $200,000 of taxable income before considering the following transactions:
a. On March 2, 2013, they sold a painting (art) for $100,000 that was inherited from Grandma on January 23, 2013. The FMV on the date of Grandma's death was $90,000 and Grandma's adjusted basis in the painting was $25,000;
b. A $12,000 loss on 11/1/13 sale of bonds (acquired on 5/12/05);
c. A $4,000 gain on 12/12/13 sale of IBM stock (acquired on 2/5/13);
d. A $17,000 gain on the 10/17/13 sale of rental property. Of the $17,000 gain, $8,000 is reportable as gain subject to the 25% maximum rate and the remaining $9,000 is subject to the 15% maximum rate (the property was acquired on 8/2/08);
e. A $12,000 loss on 12/20/13 sale of bonds (acquired on 1/18/13);
f. A $7,000 gain on 8/27/13 sale of BH stock (acquired on 7/30/08); and
g. A $11,000 loss on 6/13/13 sale of QuikCo. Stock (acquired on 3/20/10).
Complete the required netting procedures and calculate the Jenson's 2013 tax liability.