Problem 7-45 (LO. 7) During 2020, Rick and his wife, Sara, had the following items of income and expense to report: Gross receipts from business $400,000 Business expenses 525,000 Interest income from bank savings accounts 8,000 Sara's salary 50,000 Long-term capital gain on stock held as an investment 4,000 Itemized deductions $15,000 a. Assuming that Rick and Sara file a joint return, what is their taxable income (or loss) for 2020? If required, use the minus sign to indicate a loss. Adjusted gross income/loss $ -63,000 Taxable income/loss $ X -102,400