Reference no: EM132588704

Mary Marks had the following transactions or involuntary conversions during 2019:

1. Her diamond gemstones costing $4,000.00 in 2012 were sold for $5,000.00.
2. Her office building owned for four years was damaged by fire. The loss after insurance recovery was $12,000.00.
3. Equipment purchased in 2013 for $18,000.00 with a basis at the time of the sale of $6,000.00 was sold for $11,000.00 on January 1, 2019.
4. An apartment building purchased on January 1, 1986 for $300,000.00 was sold for $124,000.00 on January 21, 2019. Mary took straight line depreciation of $200,000.00.
5. Land used in her business for four years was condemned by the state. The award was $60,000.00. Cost of the land was $74,000.00. No replacement of the property was made.
6. 200 shares of Carter Corporation stock were sold for $19,000.00 on August 25, 2019. The stock was originally purchased in 2013 for $15,000.00.
7. 100 shares of Dalton Corporation stock were sold for $8,000.00 on July 23, 2019. The stock was originally purchased on February 10, 2018 for $2,000.00.

Mary, single and age 39 with no dependents has adjusted gross income of $76,000.00 and itemized deductions of $15,000.00 without considering the above items.

Question 1: What is Mary's Taxable Income?