1. Austin, a single individual with a salary of $100,000, incurred and paid the following expenses during the year:

Medical expenses $5,000

Alimony 24,000

Charitable contributions 2,000

Casualty loss on business property 8,000

Casualty loss on rental property 5,000

Personal casualty gains 3,000

Personal casualty losses (after $100 floor) 12,000

Nonbusiness bad debt 6,000

Mortgage interest on personal residence 4,500

Property taxes on personal residence 4,200

Moving expenses 2,500

Contribution to a traditional IRA 4,000

State income taxes 1,300

Unreimbursed employee expenses 2,500

Investment income 6,000

Investment expenses 8,000

Calculate Austin’s AGI and taxable income.

Additional Requirements

Level of Detail: Show all work