During the year, Karen, a single taxpayer, reports the following income and expense items relating to her interior design business: Revenues $52,000 Cost of goods sold 41,000 Advertising 3,300 Office supplies 1,700 Rent 13,800 Contract labor 28,000 Karen also worked part-time during the year, earning $13,500. She reports a long-term capital gain of $4,200, and a short-term capital loss of $3,800. Her itemized deductions total $5,200. a. What is Karens taxable income or loss for the year? b. What is Karens NOL for the year