Adam Armstrong, age 60 and single, earned $51,000 during 2016. He contributed $3,000 to the United Fund, paid $16,000 in federal income taxes, $2,750 in state income tax, $400 in state sales tax, and $2,300 in mortgage interest charges. Adam also had the following transactions:

a. Sold for $50,000 stock that he had received as a gift which had an adjusted basis of $26,000 to the donor and a fair market value of $46,000 on the date of the gift and the taxable gift was $35,000. The donor had held the stock for two years and paid a gift tax of $14,000.

b. Exchanged land held for five years as an investment for an apartment building and $25,000 cash. On the date of exchange, the land had an adjusted basis of $135,000. The apartment building had a fair market value of $335,000.

c. An office building Adam owned was condemned by the state to make room for a state building. The building had an adjusted basis of $70,000 and a fair market value of $172,000. Adam received another building from the state and it had a fair market value of $150,000.

d. Adam sold his personal residence for $145,000. He incurred $2,500 in selling expenses. The residence had an adjusted basis of $56,000. He moved into an apartment.

Calculate Adams lowest taxable income. Treat all income as ordinary income.