Problem $7-49($LO $7-2)($Algo$)$

In $2024,$ Tom and Alejandro Jackson $($married filing Jointly$)$ have $$254,000$ of ordinary taxable income before considering the

following events: $($Use the dividends and capital galns tax rates and tax rate schedules.$)$

a$.$ On May $12,2024,$ they sold a painting $($art$)$ for $$115,500$ that was Inherited from Grandma on July $23,2022.$ The fair market

value on the date of Grandma's death was $$92,750,$ and Grandma's adjusted basis of the palnting was $$26,100.$

b$.$ They appled a long$-$term capital loss carryover from $2023$ of $$10,550.$

c$.$ They recognized a $$12,275$ loss on the$(11)/(1)()/(2024)$ sale of bonds $($acquired on$(5)/(12)()/(2014)).$

d$.$ They recognized a $$4,330$ gain on the $(12)/(12)()/(2024)(2)/(5)()/(2024)$ $$18,320$ gain on the $(10)/(17)()/(2024)$$$1231$ transaction$$8,880$ is

reportable as gain subject to the $25$ percent maximum rate and the remaining $$9,440(8)/(2)()/(2018)$ $$12,550$ loss on the $(12)/(20)()/(2024)$ sale of bonds $($acquired on$(1)/(18)()/(2024)).$

g$.$ They recognized a $$7,275$ gain on the $(6)/(27)()/(2024)(7)/(30)()/(2015)$ $$11,550$ loss on the $(6)/(13)()/(2024)(3)/(20)()/(2017)$ $$720$ of qualified dividends on $(7)/(15)()/(2024).$

Complete the required capital galns netting procedures and calculate the Jacksons' $2024$ tax Ilability. Tax Rates for Net Capital Gains and Qualified Dividends

$*$This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table $($net capital gains and qualified dividends are included in taxable income last for this purpose$).2024$ Tax Rate Schedules

Individuals

Schedule X$-$Single

Schedule Y$-1-$Married Filing Jointly or Qualifying surviving spouse

Schedule Z$-$Head of Household

Schedule Y$-2-$Married Filing Separately