Please use updated version of tax textbook to complete

Pam and Brian Carlson are married, are both age SO, and have two single dependent children. Brent aged 16, and Donald , aged 21, and live in Pittsburgh, California. Brian has a rental h0use and Pam is an employee for two other companies. Brent had 5 5,500 of interest income and Donald had 5 12,000 of wages income. Brent is in high school, and Donald is a full time student at SF State. Donald lives with Pam and Brian when not in school. Brian's rental house overlooks the beach in Bolinas, the house was bought for $ 350,000, and first rented out in 2011. In 2016 Brian had rental income (cash receipts) of $77,000, along with rental house expenses of: repairs S 2,500, supplies 5 3,400, insurance 5 8,700, property taxes of $ 7,200 arid licenses of $ 600, interest on a mortgage loan of $ 14,800, and utilities of $ 4,200. All of these expenses were paid by Brian during the year, and the expenses related to months of this year, 2016, except for the supplies which were used up early in 2017. In 2015, Brian allowed a tenant to stay in the rental for a month, Azalea Enterprises, and pay later in the year, owing the amount of $ 6,000. Azalea agreed to pay this amount back with S 200 interest during 2015. Azalea has filed for bankruptcy in 2016, and it is clear that this entire amount will not be received by Brian. Pam's wages for 2016 from job 1 were 5 80,000 with federal income tax withholding of $ 1,000, Social Security withholding of $ 4,960 and Medicare withholding of $ 1,160, state income tax withholding of SS,000, and, from job 2, wages of $ 40,000, with federal income tax withholding of $ 500, Social Security withholding of $ Lmanmedicare withholding of S 580. Pamdrive r' > u ' wv am a dck.0nTuesdayand FridayP - r r ; z, , dso week - I -' . - - = a clien mile ' an 5 the Brian ' ' presm, Ange ean . w drive) and stayed over Pam and Brian jointly own their home a up i - - - , $ 5,600 during 2016, for the months of 2 ot up : . incurred to buy the home, which is secured by the e. w 2016, in the amount of$ 6,700, and on December 1' 2 : o Brian owns a cabin near Mount Tamulpius in Marin County. Br'ian . c' kg during 2016, for the months of 2016 on a loan (average principal anc V. ' cabin, seCured by the cabin, and Brian paid property taxes on the caflin o ' i: ' ., $2,400 on 12-102016 Pam and Brian used the cabin for two months dql'l mi if two months during 2016, and received rent of$ 14,000 during 2016. The cain s u- '-' ' rented in annually and the annual repair cost (both Paid for in 2016) wass 1'400' The cabin was fir" 2014, when the cabin was worth $ 350,000 (the purchase price was 3 260,000) Brian's main rental house (in Bolinas) was broken into in December of 2015, and some items were stolen. Brian became aware of the break in in 2016, and estimates the value of the items lost are a television worth $2,900 which originally cost $ 6,600 (depreciation of $ 2,500 taken so far), a computer worth S3,500 which originally cost $ 8,900 (with $ 3,100 depreciation taken so far), some rare recordings worth $7,000 (which originally cost $ 3,600 to buy years ago which Brian kept In the hope of future sale) and repair costs to the rental building of $ 9,500. The building insurance policy has a high deductib'e: and thus only $ 4,900 of insurance proceeds were received in 2016 for the loss. During 2016 Pam paid $2,550 of credit card interest to her bank and $ 2,900 Were" on a loan She "mk out from the bank to buy the car she drives to work. Brian paid estimated 2016 federal income taxes of $ 500 each quarter, and paid them when due. Brian paid 5 4,200 for last year's state income tax on April 15, 2016, along with four 2016 year estimates for state income taxes of $ 1,200 each during 2016 (the last mailed on December 30'"). Pam bought a boat last year, which is moored in Tiburon, and paid 5 4,200 in sales taxes on the purchase on 8-19-2015. The re istration for the boat, and for Pam's car, both id in September of 2016,was$2890( ' - . - .r" 'rv'" M On ' fl; 2 in miles to al l mentation l o . ' .. was rECEI Pam paid stu ' i What is Pam and Brian's an"