Neal, single and age 37, has the following items for 2009:

Salary = $50,000

Casualty loss on business property = (8,000)

Casualty loss on rental property = (5,000)

Personal casualty gains = 3,000

Personal casualty losses (after $100 floor) = (12,000)

Interest expense on personal residence = (7,000)

Determine Neal's taxable income for 2009

Do not copy from Chegg and give complete answer with explanation