During 2015, Travis takes out a $40,000 loan, using stock he owns as collateral. He uses $10,000 to purchase a car, which he uses 100% for personal use. He uses the remaining funds to purchase stocks and bonds. He pays $3,200 interest on the loan. Travis also reports the following for the year:
AGI without any investment income……………………$130,000
State income taxes paid ………………………………….. 8,400
Dividend income ………………………………………… 10,000
Interest income ………………………………………….. 2,100
Investment expenses (exclusive of interest) …………….. 8,000
Net short term capital gains ……………………………… 7,300
Net long term capital gain ……………………………….. 8,600
Travis is married and files a joint tax return. What is his net taxable income?