Comprehensive Problem (Tax Return Problem). Mr. and Mrs. Sam Morris retired onFebruary 10, 2015, and call you in for tax advice. Both Sam and his wife Sarah have worked formany years and are both 65 years of age.Facts:Dependent child: Age 21Social Security Benefits$9,900Salaries:Sam (January 1February 10)7,000Sarah (January 1February 10)5,500Interest Income:Port Authority of N.Y. Bonds300Interest from Bank Deposits1,400Corporate Bonds900Highway Bonds of Ohio100Dividend Income:Microsoft Common Stock4,000General Electric Common Stock2,000AGA Ltd. of England1,000Net Rental Income4,000One of their tenants moved out on July 14, 2013, and Sam determines that they had damagedthe stove, and therefore returned only $50 of their $150 security deposit.The Morrises daughter borrowed $10,000 two years ago to purchase a new automobile. Shehas made payments to her parents and on September 1, 2013, only $2,500 was still outstandingon the loan. On their daughters birthday, they told her she no longer had to make payments.Sam was Vice President of a very large corporation. As part of his fringe benefit package, thecorporation purchased for him $50,000 of group-term life insurance. The corporation continuesto pay for his life insurance even after retirement.The Morrises three children gave their parents a gala retirement party. Many friends andrelatives were invited. Gifts valued at over $1,000 were received by the couple.In October, Mrs. Morris entered a contest being run by a local bank. She submitted drawingsfor a bank logo. Her drawing was selected and she received $500.Many years ago, Sam purchased an annuity policy for $9,000. Starting on March 3, 2013, hebegan receiving lifelong monthly payments of $60.The Morrises 21-year-old daughter is in college. She worked during the summer and earned$2,500. Interest on her savings accounts amounted to $500. Her parents paid for the collegetuition of $4,000.The Morrises have itemized deductions of $14,000.Determine the Morrises taxable income for 2013