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Your firm has clients named Danny and Mary. They are married and have two dependent children. They also fully support Mary's mother, who lives with them and has no income. Their 2010 tax and other related information is as follows:
Total salaries - $110,000Bank account interest income - $3,500Municipal bond interest income - $1,500Rent income - $7,000Rent expenses - $9,000Value of employer-provided medical insurance - $5,500Value of premiums for $50,000 of group term life insurance provided by employer - $500Share of partnership income - $30,000Partnership distribution - $10,000Dividend income from ABC stock - $2,000Loan from Danny's parents - $5,000Gift from Danny's parents - $15,000Total itemized deductions - $16,000
Determine Danny and Mary's taxable income.
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