Problem 7-36 ( LO. 3,4,8) Olaf lives in the state of Minnesota. In May 2022, a tornado hit the area and damaged his home and automobile. Applicable information as follows: Because of the extensive damage caused by the tornado, the President designated the area a Federal disaster area. Olaf and his wife, Anna, always file a joint return. Their 2021 tax return shows AGI of $180,000 and taxable income of $145,000. In 2022 their return shows AGI of $300,000 and taxable income (exclusive of the casualty loss deduction) of $245,000. Assume the taxpayers are in the 22% tax bracket in 2021 and the 24% tax bracket in 2022 . Determine the amount of Olaf and Anna's loss and the year in which they should take the loss. Olaf and Anna should include the loss on the