In 2015, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before considering the following events: (Use the tax rate schedules.)
a) On May 12, 2015, they sold a painting (art) for $110,000 that was inherited from Grandma on July 23, 2013. 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) Applied a long-term capital loss carryover from 2014 of $10,000.
c) Recognized a $12,000 loss on 11/1/2015 sale of bonds (acquired on 5/12/2005).
d) Recognized a $4,000 gain on 12/12/2015 sale of IBM stock (acquired on 2/5/2015).
e) Recognized a $17,000 gain on the 10/17/2015 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 20 percent maximum rate (the property was acquired on 8/2/2009).
f) Recognized a $12,000 loss on 12/20/2015 sale of bonds (acquired on 1/18/2015).
g) Recognized a $7,000 gain on 6/27/2015 sale of BH stock (acquired on 7/30/2006).
h) Recognized an $11,000 loss on 6/13/2015 sale of QuikCo stock (acquired on 3/20/2008).
i) Received $500 of qualified dividends on 7/15/2015.
Calculate the Jacksons’ 2015 tax liability. (Do not round intermediate calculations.)