During 2019, James, a single, cash method taxpayer incurred the following expenditures:

Qualified medical expenses	$8,000
Investment interest expense	16,000
Other investment activity expenses	15,000
Qualified residence interest	12,000
Interest on loan on personal auto	2,000
Charitable contributions	3,000
State income tax paid	7,000
Scare sales tax paid	4,500
Property taxes	4,000
Tax return preparation and consulting fees	5,000

James’ income consisted of the following items:

Salary	$70,000
Interest income	7,000
Long-term capital gains	23,000
Long-term capital losses	(15,000)

a. Compute James' taxable income for the year (assuming char he makes an election to have the nee capital gain taxed ac the regular tax races).

b. What is James’ investment interest carryover (if any)?