Bob and Cathy, husband and wife, both age 40, have the following transactions during 2020:

-They sold their old residence on January 28, 2020 for $380,000. The basis of the their old residence, purchased in 2008, was $70,000. The selling expenses were $20,000. On May 17, 2020 they purchased another residence costing $150,000.

-On April 28, 2020, they sold for $8,000 stock that Cathy had received as a gift from her mother, who had purchased the stock for $10,000 in 2013. Her mother gave Cathy the stock on November 15, 2017 when the fair market value was $9,400.

-On May 24, 2020, Bob sold for $21,000 stock inherited from his father. His father died on June 14, 2017, when the fair market value of the stock was $9,000. Bobs father paid $7,000 for the stock in 2011.

-On August 11, 2020, they sold a personal automobile for $8,000; basis of the automobile was $20,000 and it was purchased in 2015.

Bob had a salary of $40,000 and Cathy had salary of $28,000. They have no children. They paid state income taxes of $6,200, sales tax of $400, federal income taxes of $15,000, and property taxes of $1,700. In addition, they contributed $16,000 to their church and paid $4,000 interest on their mortgage.

Compute Bob and Cathys taxable income for 2020.