Business
Business, 18.11.2019 18:31, hjlhdjfhjh

In 2019, jeff and kim jenson (married filing a joint return) have $250,000 of taxable income before considering the following transactions: a. on march 2, 2019, they sold a painting (art) for $100,000 that was inherited from grandma on january 23, 2019. the fmv on the date of grandma's death was $90,000 and grandma's adjusted basis in the painting was $25,000; b. a $12,000 loss on 11/1/19 sale of bonds (acquired on 5/12/11); c. a $4,000 gain on 12/12/19 sale of ibm stock (acquired on 2/5/19); d. a $20,000 gain on the 10/17/19 sale of rental property. of the $20,000 gain, $11,000 is reportable as gain subject to the 25% maximum rate and the remaining $9,000 is subject to the 15% maximum rate (the property was acquired on 8/2/14); e. a $12,000 loss on 12/20/19 sale of bonds (acquired on 1/18/19); f. a $7,000 gain on 8/27/19 sale of bh stock (acquired on 7/30/14); andg. a $11,000 loss on 6/13/19 sale of quikco. stock (acquired on 3/20/16).complete the required netting procedures and calculate the jenson's 2019 tax liability.

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