Eileen Dover and Paul Down are married and file jointly. Both of them are under age 65, and neither of them is blind. They present the following information for 2020.

They owned 67% of a general partnership. During the year, the partnership reported total net income of $155,000 on its tax return.

They received total dividends of $22,451, of which $10,395 was qualified. They also received a total of $12,800 in interest from government bonds, of which $1,452 was from the State of California bonds. The remaining interest was from United States treasury bonds.

During the year, Eileen Dover opened up a sole proprietorship called The Mono Gymnasium. During the year, it reported gross income of $358,982, and operating expenses (not including depreciation) of $337,205. During the year, The Mono Gymnasium purchased the following new fixed assets.

Fixed assets	Acquisition date	Purchase price
Lands	8/3/2020	$16100
Commercial building	8/3/2020	$92700
Large gymnastic equipment	9/9/2020	$12886
Computer	10/1/2020	$1240
Van ( under 6000lbs)	10/12/2020	$33952

When calculating depreciation, The Mono Gymnasium applies section 179 from the highest-cost fixed asset to the lowest-cost fixed asset. It declines all bonus depreciation, and uses straight-line depreciation for any personalty assets.

On December 30, Eileen Dover and Paul Down exchanged a parcel of land in Mono which they had held for investment purposes for a rental-use condo in Maui. They purchased the parcel of land on July 25, 2018, for $93,800. At the time of the exchange, the land had a fair market value of $94,500, while the rental-use condo had a fair market value of $95,000. As part of the exchange, the buyer also assumed their mortgage on the land of $1,450.

In addition, they each contributed $2,500 to traditional IRAs, and made $6,200 in qualifying cash charitable contributions.

QUESTION:

If they use the standard deduction for this year, what is the 2020 tax owed or refund for Eileen Dover and Paul Down?