Question 24. Jim and Anita are married filing jointly taxpayers. Anita earned $4,000,000 of salary in 2021 as the CFO of a Fortune 500 corporation. Also in 2021, Jim operated a trade or business which had $150,000 of gross receipts and $800,000 of deductions. Assume that the basis and at-risk rules are satisfied and that Jim materially participates in the business (i.e., the business is not subject to the passive activity loss rules). What is Jim's and Anita's excess business loss for 2021 to be disallowed and carried forward? A. $650,000 B. $524,000 C. $126,000 D. $800,000