Problem 7-50 (LO. 7) During 2016, Rick and his wife, Sara, had a $75,000 NOL. In addition, they had no taxable income for the years 2011, 2012, 2013, and 2014 and $3,700 of taxable income for 2015 computed as follows: Salary $25,000 Capital loss (1,000) Adjusted gross income 24,000 Less: Itemized deductions $12,000 Charitable contributions of $20,000 limited to 50% of AGI Medical expenses of $2,700 limited to the amount in excess of 10% of AGI ($2,700 $2,400) 300 Total itemized deductions (12,300 Exemptions (2 x $4,000) (8,000) $3,700 Taxable income a. Determine Rick and Sara's 2015 recomputed AGI and modified taxable income as a result of carrying back the NOL. If an amount is zero, enter "0 If required, use the minus sign to indicate a loss Salary $25,000 Less: Capital loss 1,000 2016 net operating loss Recomputed adjusted gross income/loss Less: Itemized deductions Charitable contributions Medical expenses Total itemized deductions Less: Personal exemptions Recomputed taxable income for 2015 (if any)