b. Compute Xinran's NOL for 2023. $ X Feedback Check My Work Incorrect c. Determine Xinran's taxable income for 2024. 2024 (1) Determine taxable income before application of the NOL: Net business income Salary Interest income Adjusted gross income Less: Itemized deductions: Less: Deduction for qualified business income: Grocery store Taxable income (2) Determine the NOL deduction: 1. The NOL carryforward \$ x, or 2. 80% of taxable income computed in step 1:$ * The 2023 married filing jointly standard deduction is $27,700; Xinran's itemized deductions will exceed the 2024 standard deduction (after adjustment for inflation). Enter all amounts as positive numbers. However, use the minus sign to indicate a loss. If an amount is zero, enter "0" a. Compute Xinran's taxable income (or loss) for 2023? Xinran, who is married and files a joint return, owns a grocery store. In 2023 , his gross sales were $276,000 and his operating expenses were $320,000. Other items on his 2023 return were as follows: In 2024, Xinran provides the following information