In 2022, Tom and Alejandro Jackson (married filing jointly) have $200,000 of taxable income before considering the following events:

a) On May 12, 2022, they sold a painting (art) for $110,000 that was inherited from Grandma on July 23, 2020. 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 2021 of $10,000.

c) They recognized a $12,000 loss on the 11/1/2022 sale of bonds (acquired on 5/12/2012).

d) They recognized a $4,000 gain on the 12/12/2022 sale of IBM stock (acquired on 2/5/2022).

e) They recognized a $17,000 gain on the 10/17/2022 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 8/2/2016).

f) They recognized a $12,000 loss on the 12/20/2022 sale of bonds (acquired on 1/18/2022).

g) They recognized a $7,000 gain on the 6/27/2022 sale of BH stock (acquired on 7/30/2013).

h) They recognized an $11,000 loss on the 6/13/2022 sale of QuikCo stock (acquired on 3/20/2015).

i) They received $500 of qualified dividends on 7/15/2022.
Complete the required capital gains netting procedures and calculate the Jacksons’ 2022 tax liability.