Lou is a saleperson for the company, Wonderful Window Willow Waddle. He travels quite extensively in his business, selling the amazing waddle. He lives in North Carolina and this is this is the second year he has come to your firm to have his taxes done. He earned $120,000 in salary and received a $20,000 year end bonus. He owns a house in North Carolina, paid $5,000 of mortgage interest and $2,000 in taxes. He also owns a cabin in GA, where he spends the winters. He paid $2,000 in taxes, $1500 in insurance and $2 000 on untilities. During the Winter, he stays at the cabin where is trying to write the worlds next best sciFi novel. The Waddle from Wisconsin. He uses his car for travel. He just purchased a 2015 Ford Mustang, $35,000. His business mile was 30,000 and his total miles were 45,000. He spent $5,250 on fuel, $2,000 on insurance, $1,500 on repairs and maintenance and $1,000 on tolls and parking at various places. He stayed many nights away from home and has a total of $4,500 of lodging expenses and $6,500 on meals. He also entertains his clients, i.e. he takes them out to play golf at his country club in NC, dues $5,000 and golfing fees $2,500. Last, Lou gave $3,000 to his local church. The company has an unaccountable plan which pays Lou $2,500 per month for all travel and auto costs. It is not included in the above W-2 amount. Lou is also an avid collector and he sold some coins this year for $5,000, his basis was $2,000. He loaned some money to a neighbor, had a note but is never going to see the money. He loaned $8,000. Last, Lou got divorced last year form Sally Mae, he pays her $2,000 per month alimony and $1,500 per month child support. The little one Mary Jane lives with Sally Mae and she pays all the expenses, but pursuant to the divorce decree Lou get the dependent deduction. Lou likes to gamble, during 2015, he won a big jackpot, $35,000. He states he has receipts for $20,000 of gambling money he lost during 2015. Please advise Lou as to his taxable income and total tax