Bill, a full-time engineer, won $50,000 at a local casino. In addition, he had $65,000 in gambling losses. Will Bill report the winnings and losses on his personal tax return? If so, how should they be reported?

a. 50,000 income on form 1040 and 50,000 loss on schedule A

b. 50,000 income on form 1040 and 50,000 loss on Form 1040

c. 50,000 income on form 1040 and 65,000 loss on schedule A

d. 0 income since it is canceled out with the loss