1. Austin, a single individual with a salary of $100,000, incurred and paid the following expenses during the year:Medical expenses $5,000Alimony 24,000Charitable contributions 2,000Casualty loss on business property 8,000Casualty loss on rental property 5,000Personal casualty gains 3,000Personal casualty losses (after $100 floor) 12,000Nonbusiness bad debt 6,000Mortgage interest on personal residence 4,500Property taxes on personal residence 4,200Moving expenses 2,500Contribution to a traditional IRA 4,000State income taxes 1,300Unreimbursed employee expenses 2,500Investment income 6,000Investment expenses 8,000Calculate Austin’s AGI and taxable income.Additional Requirements Level of Detail: Show all work