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Problem $7\mathrm{.}49($LO $7-2)($Algo$)$

In $2021,$ Tom and Amanda Jackson $($married filing jointly$)$ have $$256,000$ of taxable income before considering the

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

a$.$ On May $12,2021,$ they sold a painting $($art$)$ for $$117,000$ that was inherited from Grandma on July $23,2019.$ The fair

market value on the date of Grandma's death was $$93,500$ and Grandma's adjusted basis of the painting was

$$26,400.$

b$.$ They applied a long$-$term capital loss carryover from $2020$ of $$10,700.$

c$.$ They recognized a $$12,350$ loss on the $\frac{11}{1}\frac{?}{2021}$ sale of bonds $($acquired on $\frac{5}{12}\frac{?}{2011}).$

d$.$ They recognized a $$4,420$ gain on the $\frac{12}{12}\frac{?}{2021}$ sale of IBM stock $($acquired on $\frac{2}{5}\frac{?}{2021}).$

e$.$ They recognized a $$18,680$ gain on the $\frac{10}{17}\frac{?}{2021}$ sale of rental property $($the only $$1231$ transaction$),$ of which

$$9,120$ is reportable as gain subject to the $25$ percent maximum rate and the remaining $$9,560$ is subject to the

$0/15/20$ percent maximum rates $($the property was acquired on $8/2/2015).$

f$.$ They recognized a $$12,700$ loss on the $\frac{12}{20}\frac{?}{2021}$ sale of bonds $($acquired on $\frac{1}{18}\frac{?}{2021}).$

g$.$ They recognized a $$7,350$ gain on the $\frac{6}{27}\frac{?}{2021}$ sale of $BH$ stock $($acquired on $\frac{7}{30}\frac{?}{2012}).$

h$.$ They recognized an $$11,700$ loss on the $\frac{6}{13}\frac{?}{2021}$ sale of QuikCo stock $($acquired on $3/20/2014).$

i$.$ They received $$780$ of qualified dividends on $7/15/2021.$

After completing the required capital gains netting procedures, what will be the Jacksons' $2021$ tax liability?

Answer is complete but not entirely correct.

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