Exercise 7-30 (Algorithmic) (LO. 7) Valeria and Trey are married and file a joint tax return. For 2021, they have $7,000 of nonbusiness capital gains, $2,800 of nonbusiness capital losses, $700 of interest income, and no itemized deductions. The standard deduction for married filing jointly is $25,100 for 2021. Based on these transactions, to arrive at the NOL, Valeria and Trey's taxable income must be adjusted by $ 8,125 X Feedback Check My Work A net operating loss (NOL) in a particular tax year would produce no tax benefit if the Code did not provide for the carryback and carryforward of such losses to profitable years. To provide partial relief from this inequitable tax treatment, a deduction is allowed for NOLs