Carl Chubbs, age 64, earned $55,000 during 2015. His wife, Dawn, age 66, is blind. During 2015, Carl and Dawn received $1,000 in dividends. They sold their personal 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 Carls sisters death the basis of the property was $7,500 and the fair market value was $10,000; six months after the death the fair market value was $9,000. The alternate valuation date was elected by the executor in valuation of the estate of Carls sister. In addition, Carl and Dawn paid $8,500 interest on their home, made a cash contribution to their college alumni foundation in the amount of $5,000, paid state sales taxes of $500, paid state income taxes of $2,500, paid federal income taxes of $8,000. Compute Carl and Dawns taxable income. Treat all income as ordinary income.