During $2024,$ Rick and his wife, Sara, had the following items of income and expense to report:

Gross receipts from business$$400,000$Business expenses$525,000$Interest income from bank savings accounts$8,000$Sara's salary$50,000$Long$-$term capital gain on stock held as an investment$4,000$Itemized deductions$$15,000$

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a$.$Assuming that Rick and Sara file a joint return, what is their taxable income $($or loss$)$ for $2024?$

If required, use the minus sign to indicate a loss.

Adjusted gross income$/$loss$fill in the blank aa$176507501$afd$7\_1$Taxable income$/$loss$fill in the blank aa$176507501$afd$7\_2$ During $2024,$ Rick and his wife, Sara, had the following items of income and expense to report:

a$.$ Assuming that Rick and Sara file a joint return, what is their taxable income $($or loss$)$ for $2024?$

If required, use the minus sign to indicate a loss.

Adjusted gross income$/$loss

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Taxable income$/$loss

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The NOL provision is intended as a form of relief for business income and losses. Thus, only losses from the operation of a trade or business $($or profession$),$ casualty and theft losses, or losses from the confiscation of a business by a foreign government can create an NOL.

b$.$ What is the amount of Rick and Sara's NOL for $2024?$

Rick and Sara's NOL for $2024$ is $\backslash (\backslash$$ $\backslash )\backslash (\backslash$mid $\backslash$mathbf$\{$X$\}\backslash )$