In 2022, Tom and Alejandro Jackson (married filing jointly) have $220,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.)On May 12, 2022, they sold a painting (art) for $112,500 that was inherited from Grandma on July 23, 2020. The fair market value on the date of Grandma's death was $91,250, and Grandma's adjusted basis of the painting was $25,500.They applied a long-term capital loss carryover from 2021 of $10,250.They recognized a $12,125 loss on the 11/1/2022 sale of bonds (acquired on 5/12/2012).They recognized a $4,150 gain on the 12/12/2022 sale of IBM stock (acquired on 2/5/2022).They recognized a $17,600 gain on the 10/17/2022 sale of rental property (the only §1231 transaction), of which $8,400 is reportable as gain subject to the 25 percent maximum rate and the remaining $9,200 is subject to the 0/15/20 percent maximum rates (the property was acquired on 8/2/2016).They recognized a $12,250 loss on the 12/20/2022 sale of bonds (acquired on 1/18/2022).They recognized a $7,125 gain on the 6/27/2022 sale of BH stock (acquired on 7/30/2013).They recognized an $11,250 loss on the 6/13/2022 sale of QuikCo stock (acquired on 3/20/2015).They received $600 of qualified dividends on 7/15/2022.After completing the required capital gains netting procedures, what will be the Jacksons' 2022 tax liability?Total Tax Liability: _? please do not provide solution in image format thank you!

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Answered: n 2022, Tom and Alejandro Jackson…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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In 2022, Tom and Alejandro Jackson (married filing jointly) have $220,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.)

On May 12, 2022, they sold a painting (art) for $112,500 that was inherited from Grandma on July 23, 2020. The fair market value on the date of Grandma's death was $91,250, and Grandma's adjusted basis of the painting was $25,500.
They applied a long-term capital loss carryover from 2021 of $10,250.
They recognized a $12,125 loss on the 11/1/2022 sale of bonds (acquired on 5/12/2012).
They recognized a $4,150 gain on the 12/12/2022 sale of IBM stock (acquired on 2/5/2022).
They recognized a $17,600 gain on the 10/17/2022 sale of rental property (the only §1231 transaction), of which $8,400 is reportable as gain subject to the 25 percent maximum rate and the remaining $9,200 is subject to the 0/15/20 percent maximum rates (the property was acquired on 8/2/2016).
They recognized a $12,250 loss on the 12/20/2022 sale of bonds (acquired on 1/18/2022).
They recognized a $7,125 gain on the 6/27/2022 sale of BH stock (acquired on 7/30/2013).
They recognized an $11,250 loss on the 6/13/2022 sale of QuikCo stock (acquired on 3/20/2015).
They received $600 of qualified dividends on 7/15/2022.

After completing the required capital gains netting procedures, what will be the Jacksons' 2022 tax liability?

Total Tax Liability: _?

please do not provide solution in image format thank you!

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