The following applies to the current year for Revis and Patricia, a married couple. Revis is employed as a shoe salesman, his compensation is $65,000 Patricia is employed as an interior designer; her compensation is $90,000 They have allowable itemized deductions of $15,000 Revis and Patricia have two dependent children. Revis and Patricia have other economic income as follows: --Interest on U. S. Treasury bonds $1,000
--Interest on French government bonds $750
--Interest on City of Miami, Fla. Bonds $1,200
--Patricia won $500 from the state lottery
--Revis's wealthy uncle dies and leaves him $10,000
--Patricia sold Revis's baseball card collection for $3,000. Revis bought it for $800
--Patricia sells Revis's fishing boat for $2,000. Revis had purchased for boat for $2,500.
Based on the information above, what is their taxable income? Show how you arrived at your answer using the lines in the box. 2019 Tax Year