Prepare $2023$ Federal Tax Return

roy and doris are married to each other and will file a joint $2023$ federal income tax return. They are both US citizens and live at $111$ sentimental Lane, Hollywood california $901290.$ Roy is $65$ and retired. His social security number is $222-222-2222.$ Doris is $55$ and music teacher. Her social security is $111-11-1111.$

They have three children that they support and who live with them as follows:

Frank $21$ y$.$o ssn $333-33-3333$ gross income $$6,000$

Dean $19$ y$.$o ssn $444-44-4444$ gross income $$8,000$

Jerry $16$ y$.$o ssn $555-55-5555$ gross income $$1,000$

Frank is in his second year as his second year full$-$time student at state university which is a qualified education institution. Dean was not in school at all during $2023.$ Jerry was in high school for all of $2023.$

Roy and Dorris have the following items if income deduction and tax paid:

Roy Doris

Wages $$0$ $$53,000$

taxable pension $50,0000$

US$.$ treasury bond interest $4,5000$

social security benefits $20,0000$

Short$-$term capital gain $05,000$

Short term capital Loss $04,000$

long term Capital Gain $10,0000$

Long Term capital loss $16,0000$

Gift of cash recieved

from Dori's Father $025,000$

Toal itemized Deductions $14,00010,000$

Federal income tax withheld $5,0006,000$

Roy and Doris own a horse ranch known as eggroll ranch where they offe r a broarding service in addition to taking care of their own horses. Making money in the ranch operation is not a priority since their goal is only to recover some of their costs by collecting boarding fees for others to manage. They use their own horses personally. In eight years they have run the ranch they never made a profit. During $2023$ Eggroll ranch had gross revenue of $12,000$ in boarding fees from horse owners unrelated to them. Eggroll Ranch $2023$ are as follows:

Maintence and repair $$5,000$

supplies $$13,000$

Feed $$7,500$

Vet Costs $$6,500$

Depriciation $$15,000$

Assume that none of the above expense items are included in cost to arrive at gross profit. Roy and Doris have allocated $$25,000$ of the expenses above to the care of their personal horses and related usage of the ranch personally.

Prepare Roy and Dorris's $2023$ Joint Federal Tax Return to produce the lowest tax.