Bill, age 40, is married with two dependents. Bill had the following items for the 2014 year: Bill's business loss($40,000) Bill's salary|50,000 Personal casualty loss (after $100)|(18,000) Other itemized deductions (15,000) Bill files his tax return as married filing jointly and he claimed personal and dependent exemptions $15,800 for the year. Based on the above information, what is the net operating loss for Bill and his spouse for the 2014 year? a. SO b. $5,000 c. $7.000 d. $12,000 e. None of these