Assignment:
During the current year, Kent, a single taxpayer, reports the following items of income and expense:
Income:
salary $150,000
Dividends from Alta Corporation $800
Interest income from a savings account $1500
Rental income from a small apartment he owns $8000
Expenses:
Medical $6000
Interest on a principal residence $7000
Real property taxes on the principal residence $4300
Charitable contributions $4000
Casualty loss-personal $6100
Miscellaneous itemized deductions $1200
Loss from the sale of Delta Corporation stock $2000
(held for two years)
Expenses incurred on rental apartment:
Maintenance $500
Property taxes $1000
Utilities $2400
Depreciation $1700
Insurance $800
Alimony payments to former wife $10,00
Assuming all of these items are deductible and that the amounts are before any limitations, what is Ken's taxable income for the year?