During 2019, James, a single cash method taxpayer had the folkwing incomedoms and expenditures: Click the icon to view the income items and expenditures) (Click the icon to view the standard deduction schedule and tax information) Read the requirements Requirement a. Compute James' taxable income for the year (assuming that he makes an election to have the net capital gain taxed at the regular tax ratos) Begin by calculating the adjusted gross income (AGI). (If an input field is not used in the tablo, leave the input field empty, do not select a label or enter a zero) Adjust Income (AGI) x More info James incurred the following expenditures: 8,000 16.000 15.000 Qualified medical expenses Investment interest expense Other investment activity expenses Qualified residence interest Interest on loan on personal auto Charitable contributions State income tax paid State sales tax paid Property taxes Tax return preparation and consulting fees 12,000 2,000 3,000 7.000 4.500 4,000 5.000 James'income consisted of the following tems: $ Salary Interest income Long-term capital gains Long-term capital losses 70,000 7,000 23.000 (15,000) Print Done