60. Comprehensive Problem (Tax Return Problem). Carl Chubbs, age 64, earned $85,000 during 2020. His wife, Dawn, age 66, is blind. During 2020, Carl and Dawn received $1,000 in dividends. They sold their personal use automobile, which they had owned for two years (adjusted basis of $18,500) for $19,000. They sold to their son 50 shares of Riverdale Corp. stock for $500. Their basis was $12 per share; fair market value was $20 per share. Carl and Dawn sold property Carl had inherited from his sister for $12,500. At the time of Carl's sister's death the basis of the property was $7,500 and the fair market value was $10,000; six months after death the fair market value was $9,000. The alternate valuation date was elected by the executor in valuation of the estate of Carl's sister. In addition, Carl and Dawn paid $9,500 interest on their home, made a cash contribution to their college alumni foundation in the amount of $15,000, paid state income taxes of $4,500, paid federal income taxes of $8,000, and had medical expenses of $800. Compute Carl and Dawn's taxable income. Treat all income as ordinary income