Could you please answer the following problem from CCH Federal Taxation-Basic Principles.

Chapter 12. Problem 70.

Bill and Alice Salvage, husband and wife and both age 42, have the following transactions during 2018:

a. They sold their old residence on January 28, 2018, for $ 380,000. The basis of the old residence, purchased in 2008, was $ 70,000. The selling expenses were $ 20,000. On

May 17, 2018, they purchased and moved into another residence costing $ 150,000.

b. On April 28, 2018, they sold for $ 8,000 stock that Alice had received as a gift from her mother, who had purchased the stock for $ 10,000 in 2013. Her mother gave Alice the

stock on November 15, 2017, when the fair market value was $ 9,400.

c. On May 24, 2018, Bill 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. Bill's father paid

$ 7,000 for the stock in 2011.

d. On August 11, 2018, they sold a personal automobile for $ 8,000; basis of the automobile was $ 20,000 and it was purchased in 2015.

e. They had a carryover and other stock transactions as follows:

LTCL carryover from 2017 ($7,000)

STCG $ 2,000

LTCG $ 3,500

Bill had a salary of $ 40,000 and Alice 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 $ 4000 interest on their home mortgage.

Compute Bill and Alice's taxable income for 2018