Problem 7-51 (c) (LO. 1, 4, 7) Vonda Kay, single and aged 33, had the following income and expense items in 2018: Nonbusiness bad debt Business bad debt Nonbusiness long-term capital gain Nonbusiness short-term capital loss Salary Dividend income Personal casualty gain on an asset held for eight months* Personal casualty loss on an asset held for two months* Personal casualty loss on an asset held for five years* (casualty was in a Federally declared disaster area) Interest expense on home mortgage $12,000 20,600 18,000 1,700 44,000 3,100 3,000 22,400 17,000 12,800 Assume that a personal casualty loss means that the $100-per-event floor has already been deducted If an amount is zero, enter "0". If required, use the minus sign to indicate a negative AGI, taxable loss or an NOL. If an amount is zero, enter "O". If required, use the minus sign to indicate a negative AGI, taxable loss or an NOL a. Determine Vonda Kay's taxable income or loss for 2018. 44,000 3,100 -20,600 Salary Dividend income Business bad debt Overall net long-term capital gain Personal casualty gains Less: personal casualty losses Adjusted gross income Less itemized deductions: Interest expense 12,800 Balance of deductible casualty losses Total itemized deductions Taxable income/loss b. Determine Vonda Kay's net operating loss (NOL) for 2018. Taxable income/loss Excess of nonbusiness capital losses over nonbusiness capital gains Excess of nonbusiness deductions over nonbusiness income NOL (or adjusted income if positive number)