10. (25 points) TP is a widowed mother of three children, and is employed as a professor by the University of Memphis. Her husband died four years ago. She has the following items pertaining to her income tax return for the current year 1. Received a $67,000 salary from her employer who withheld $8,500 federal income tax. 2. Inherited 5000 shares of CCL Corporation stock with a $600,000 FMV from her father. She also received S2,000 of cash dividends from the CCL Corporation. She sold all of the stock on September 23, 2016. Her net proceeds from the sale were $680,000. 3. Received $4,000 of interest income on bonds issued by the City of Collierville. er 11 4. TP's employer paid $4.000 of medical and health insurance premiums on her behalf.. e 5. Maintained a household for herself and two minor children and provided more than 50% of their support. 6. TP received $10,000 of social security benefits for a disability. Assume that TP is taxable on these benefits the same as if the benefits were paid on retirement 7. The university provided $70,000 of group-term life insurance. TP is 50 years old and is not a key employee 8. TP won $6,000 on a game show in Hollywood. 9. Total itemized deductions are $9,500 COMPUTE TP'S AGI, TAXABLE INCOME, AND TAX PAYABLE. EXPLAIN