During 2021, Rick and his wife, Sara, had the following items of income and expense to report: Gross receipts from business Business expenses Interest income from bank savings accounts Sara's salary $400,000 525,000 8.000 Long-term capital gain on stock held as an investment Itemized deductions 50,000 4,000 $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 63,000 Taxable income/loss -125,000 X 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 -125,000 X