Bill and Alice are married, age 42 and 40, have no children and had the following transactions during 2014: a. They sold their old residence on January 28, for 380000. The basis of their old residence, purchased in 1999, was 70000. The selling expenses were 20000. On May 17, they purchased and moved into another residence costing 150000. b. On april 28, they sold for 8000 stock that Alice had received as a gift from her mother, who had purchased the stock for 10000 in 2004. Her mother gave Alice the stock on November 15, 2011, when the fair market value was 9400. c. On may 24, Bill sold for 21000 stock inherited from his father. His father died on June 14, 2008, when the fair market value of the stock was 9000. Bill's father paid 7000 for the stock in 2002. d. On august 11, they sold a personal automobile for 8000: basis of the automobile was 20000 when it was purchased in 2006. e. They had carryover and other stock transactions as follows: LTCL carryover from 2012 (7000) STCG 2000 LTCG 3500 Bill had a salary of 40000 and alice had a salary of 28000. They paid state income taxes of 32000, sales tax of 400, federal income taxes of 15000 and property taxes of 1800. In addition they donated 5600 to their church and paid 4000 in home mortgage interest. Compute Bill and Alice's taxable income and tax owed or refund for 2014