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Cecil C. Seymour is a 64-year-old widower. He had income for2018 as follows:Pension from former employer $39,850Interest income from Alto National Bank 5,500Interest income on City of Alto bonds  4,500Dividends received from IBM stock held for over one year2,000Collections on annuity contract he purchased from Great LifeInsurance  5,400Social Security benefits 14,000Rent income on townhouse 9,000The cost of the annuity was $46,800, and Cecil was expected toreceive a total of 260 monthly payments of $450. Cecil has received22 payments through 2017. Cecil’s 40-year-old daughter, Sarah C.Seymour, borrowed $60,000 from Cecil on January 2, 2017. She usedthe money to start a new business. Cecil does not charge herinterest because she could not afford to pay it, but he does expectto collect the principal eventually. Sarah is living with Ceciluntil the business becomes profitable. Except for housing, Sarahprovides her own support from her business and $1,600 in dividendson stocks that she inherited from her mother. Other relevantinformation is presented below: • Expenses on rental townhouse:Utilities $2,800Maintenance 1,000Depreciation 2,000Real estate taxes 750Insurance 700• State income taxes paid: $3,500• County personal property taxes paid: $2,100• Payments on estimated 2016 Federal income tax: $5,900• Charitable contributions of cash to Alto Baptist Church:$6,400• Federal interest rate: 6%• Sales taxes paid: $912Compute Cecil’s 2018 Federal income tax payable (or refunddue).