Jim incurred the following expenditures: Qualified medical expenses $11,500 Investment interest expense 15,000 Other investment activity expenses 13,000 Qualified residence interest 11,000 Interest on loan on personal auto 2,300 Charitable contributions 2,700 State income tax paid 8,500 State sales tax paid 4,300 Property taxes 4,100 Tax return preparation and consulting fees 5,300 Jim's income consisted of the following items: Salary $122,000 Interest income 7,400 Long-term capital gains 25,000 Long-term capital losses (18,000) Compute Jim's taxable income for the year