49.In 2019, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before considering the following events:a)On May 12, 2019, they sold a painting (art) for $110,000 that was inherited from Grandma on July 23, 2017. 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 2018 of $10,000.c)They recognized a $12,000 loss on 11/1/2019 sale of bonds (acquired on 5/12/2009). d)They recognized a $4,000 gain on 12/12/2019 sale of IBM stock (acquired on 2/5/2019).e)They recognized a $17,000 gain on the 10/17/2019 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 8/2/2013).f)They recognized a $12,000 loss on 12/20/2019 sale of bonds (acquired on 1/18/2019).g)They recognized a $7,000 gain on 6/27/2019 sale of BH stock (acquired on 7/30/2010).h)They recognized an $11,000 loss on 6/13/2019 sale of QuikCo stock (acquired on 3/20/2012).i)They received $500 of qualified dividends on 7/15/2019.Complete the required capital gains netting procedures and calculate the Jacksons’ 2019 tax liability