Spencer Strasmore engages in the following transactions in 2017:

Receives wages paid in cash of $50,000

In addition to his wages, his employer paid health insurance premiums on his behalf totaling $15,000

His employer also contributed $10,000 to a 401(k) on his behalf. He also elected to have $10,000 of his wages contributed to the 401(k) (these wages are not included in the $50,000 listed above).

Spencer received a statement from his 401(k) account stating there was a $2,000 capital gain in the current year that resulted from the sale of a mutual fund held in the 401(k) account. He did not receive any distributions from the account.

Spencer also has a side business that does consulting. In the current year he provided consulting services for a friend and since his friend was low on cash they agreed that the friend would pay him by painting his house. The FMV of the painting is $8,000.

Receives municipal bond interest from the city of West Lafayette bonds of $5,000

Spencer owns stock in Microsoft and the value of the stock increased from $4,000 to $6,000 during 2017. He did not sell any of the stock.

He received a gift from his grandma of $10,000.

Spencer owns a 20% interest in a LLC (taxed as a partnership). He received a Schedule K-1 from the partnership indicating that his share of the LLC income was $8,000 of ordinary income and $2,000 of long-term capital gain income.

He purchased 100 shares HP stock in 2012 for $2,000 and sold the stock for $1,000 on June 12, 2017. He also purchased 200 shares of HP on June 15, 2017 for $1,800.

In June 2017, he received a refund of $900 of state income taxes he paid last year. He had itemized deductions of $7,740 in 2016 (the standard deduction was $6,300) including state income taxes paid of $1,750.

He sold Disney stock for $10,000 on April 15, 2017 that he originally purchased on February 13, 2015 for $16,000.

Calculate Spencers gross income for 2017.