Problem:

Mr. Wilson is retired. He receives Social Security benefits of $24,400 this year. He also makes withdrawals of $27,000 from a traditional IRA and $6,000 from a Roth IRA. He has interest income from the US Treasury of $2,100. He owns two rental properties, which he does not actively manage: one with an income of $3,200 and the other with a loss of $5,700. He also receives monthly payments of $1,000 on an annuity. His basis in the annuity is $50,000, and his life expectancy is 17 years.

Required:

Question: Compute Mr. Wilson's adjusted gross income.

Note: Please show the work not just the answer.