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Exercise 7-30 (Algorithmic) (LO. 7) Phillis and Trey are married and file a joint tax return. For 2020, they have $14,750 of nonbusiness capital gains,

Exercise 7-30 (Algorithmic) (LO. 7) Phillis and Trey are married and file a joint tax return. For 2020, they have $14,750 of nonbusiness capital gains, $5,900 of nonbusiness capital losses, $1,475 of interest income, and no itemized deductions. The standard deduction for married filing jointly is $24,800 for 2020. Based on these transactions, to arrive at the NOL, Phillis and Trey's taxable income must be adjusted by $

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