Michelle and Mark are married and file a joint return. Michelle owns and unincorporated dental practice. Mark works part-time as a high school math teacher, and spends the remainder of his time caring for their daughter. During the current year, they report the following items:

	Item				Amount
	Mark's salary				$ 18,000
	Interest earned on savings account				1,200
	Interest paid on personal residence				7,100
	Itemized deductions for state and local taxes				3,400
	Items related to Michelle's dental practice
	Revenues				65,000
	Payroll and salary expense				49,000
	Supplies				17,000
	Rent				16,400
	Advertising				4,600
	Depreciation				8,100
Required:
a. What is Michelle and Mark's taxable income or loss for the year? b. What is Michelle and Mark's NOL for the year?