During 2021, 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 8,000 Interest income from bank savings accounts Sara's salary 50,000 Long-term capital gain on stock held as an investment 4,000 Itemized deductions $15,000 a. Assuming that Rick and Sara file a joint return, what is their taxable income (or loss) for 2021? If required, use the minus sign to indicate a loss. Adjusted gross income/loss Taxable income/loss Feedback Check My Work 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 2021? Rick and Sara's NOL for 2021 is $ X