P is divorced with two children and files Head of Household. P owns and operates a small photography lab, Fast Photos Corporation, an S Corporation. For 2017 Ps loss from the business was $25,000. In addition, the following information was obtained from his personal records: Interest income $4,000 Dividend income 1,000 Mortgage interest 7,500 Personal and dependent exemptions (3 $4,050) 12,150

Ps net operating loss for the year is a. $20,000. b. $39,600. c. $23,000. d. $25,000. e. Some other amount.