In 2017, tom and amanda jackson (married filing jointly) have $200,000 of taxable income before considering the following events: (use the tax rate schedules.) on may 12, 2017, they sold a painting (art) for $110,000 that was inherited from grandma on july 23, 2015. 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. applied a long-term capital loss carryover from 2016 of $10,000. recognized a $12,000 loss on 11/1/2017 sale of bonds (acquired on 5/12/2007). recognized a $4,000 gain on 12/12/2017 sale of ibm stock (acquired on 2/5/2017). recognized a $17,000 gain on the 10/17/2017 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 8/2/2011). recognized a $12,000 loss on 12/20/2017 sale of bonds (acquired on 1/18/2017). recognized a $7,000 gain on 6/27/2017 sale of bh stock (acquired on 7/30/2008). recognized an $11,000 loss on 6/13/2017 sale of quikco stock (acquired on 3/20/2010). received $500 of qualified dividends on 7/15/2017. calculate the jacksons’ 2017 tax liability. (do not round intermediate calculations.)