# In 2020 Tom and Amanda Jackson (married filing jointly) have \$200,000 of

Question
In 2020 Tom and Amanda Jackson (married filing jointly) have \$200,000 of taxable income before considering the following events: a) On May 12, 2020, they sold a painting (art) for \$110,000 that was inherited from Grandma on July 23, 2018. 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 2019 of \$10,000. c) They recognized a \$12,000 loss on 11/1/2020 sale of bonds (acquired on 5/12/2010). d) They recognized a \$4,000 gain on 12/12/2020 sale of IBM stock (acquired on 2/5/2020). e) They recognized a \$17,000 gain on the 10/17/2020 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 8/2/2014). f) They recognized a \$12,000 loss on 12/20/2020 sale of bonds (acquired on 1/18/2020). g) They recognized a \$7,000 gain on 6/27/2020 sale of BH stock (acquired on 7/30/2011). h) They recognized an \$11,000 loss on 6/13/2020 sale of QuikCo stock (acquired on 3/20/2013). i) They received \$500 of qualified dividends on 7/15/2020. Complete the required capital gains netting procedures and calculate the Jacksons’ 2020 tax liability.

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