Exercise 7-30 (LO.7) Phillis and Trey are married and file a joint tax return. For 2019, they have $4,800 of nonbusiness capital gains, $2,300 of nonbusiness capital losses, $500 of interest income, and no itemized deductions. The standard deduction for married filing jointly is $24,400, Based on these transactions, to arrive at the NOL, Phillis and Trey's taxable income must be adjusted by $ 21,000 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 carryforwa such losses to profitable years. To provide partial relief from this inequitable tax treatment, a deduction is allowed for NOLS