Al Shalou, a single individual, had $170,000 of salary income in 2018 and also had a number of taxable gains and losses on his property transactions during the year with the following results:
a. $26,000 Section 1202 gain on ABC stock
b. $5,000 short-term capital loss on Zephyr bonds
c. $24,000 long-term capital loss on Magnum stock
d. $13,000 Section 1245 recapture and $3,000 Section 1231 gain on equipment
e. $8,000 long-term capital loss on a coin collection
f. $6,000 Section 1231 loss on a machine
g. $20,000 long-term capital gain on Jobe stock.
Calculate Shalou’s taxable income and his income tax liability for 2018.