Net Operating Loss Deduction. Michelle and Mark are married and file a joint return.

Michelle owns an unincorporated dental practice. Mark works part$-$time as a high school

math teacher, and spends the remainder of his time caring for their daughter. During

$2023,$ they report the following items:

Mark$$s salary $$18,000$

Interest earned on savings account $1,200$

Interest paid on personal residence $12,700$

Itemized deductions for state and local taxes $9,400$

Items relating to Michelle$$s dental practice $$

Revenues $65,000$

Payroll and salary expense $49,000$

Supplies $17,000$

Rent $16,400$

Advertising $4,600$

Depreciation $8,100$

a$.$ What is Michelle and Mark$$s taxable income or loss for the year?

b$.$ What is Michelle and Mark$$s NOL for the year?