I:17-66 Charles is a 60% partner in CD Partnership, a calendar year partnership. For 2022, Charles received a Schedule K-1 that reported his share of partnership items as follows:

Partnership ordinary income $105,000 Tax-exempt income 1,000 Qualified dividend income 3,000 Short-term capital loss 20,000 Sec. 1231 loss 17,000 Charitable contributions 2,000 Cash distribution 60,000 Guaranteed payment 40,000 In addition, Charles and his wife, Charlene, had the following items relating to activities outside the partnership:

Charlene’s salary $80,000 Long-term capital gain 49,000 Interest income from corporate bonds 5,000 Mortgage interest expense 12,000 State income taxes 8,000 Property taxes on home 3,000 Charitable contributions 5,500 Withholding on Charlene’s salary 18,000 Estimated tax payments (paid one-fourth on each of the quarterly due dates) 24,000 Charles and Charlene file a joint tax return. Calculate the following items for Charles and Charlene. (Ignore the deduction for one-half of self-employment tax.)

a. Adjusted gross income (AGI)

b. Taxable income

c. Tax liability

d. Taxes due or refund