Adam Armstrong, age 60, and single, earned $71,000 during 2019. He contributed $9,000 to the United church, paid $16,000 in federal income taxes, $3,400 in state income tax, and $4,600 in mortgage interest charges. Adam also had the following transactions:

a. Sold for $60,000 stock that he had received as a gift which had an adjusted basis of $20,000 to the donor and a fair market value of $50,000 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 Adam's lowest taxable income. Treat all income as ordinary income.