Problem 7-44 (LO. 7) Mario, a single taxpayer with two dependent children, has the following items of income and expense during 2018: Gross receipts from business Business expenses Net capital gain Interest income Itemized deductions (state taxes, residence interest, and contributions) $144,000 180,000 22,000 3,000 24,000 a. Determine Mario's taxable income or loss for 2018. If required, use the minus sign to indicate a negative AGI or a loss. Adjusted gross income Less: itemized deductions Less: Deduction for qualified business income Loss 24,000 b. Indicate which items are adjustments to taxable income or loss when computing an NOL. Not an adjustment Loss b. Indicate which items are adjustments to taxable income or loss when computing an NOL. Not an adjustment v Business receipts Business expenses Net capital gain Interest income Not an adjustment V Adjustment V Adjustment Adjustment Itemized deductions c. Determine Mario's NOL for 2018. Mario's NOL is Feedback Check My Work Problem 7-44 (LO. 7) Mario, a single taxpayer with two dependent children, has the following items of income and expense during 2018: Gross receipts from business Business expenses Net capital gain Interest income Itemized deductions (state taxes, residence interest, and contributions) $144,000 180,000 22,000 3,000 24,000 a. Determine Mario's taxable income or loss for 2018. If required, use the minus sign to indicate a negative AGI or a loss. Adjusted gross income Less: itemized deductions Less: Deduction for qualified business income Loss 24,000 b. Indicate which items are adjustments to taxable income or loss when computing an NOL. Not an adjustment Loss b. Indicate which items are adjustments to taxable income or loss when computing an NOL. Not an adjustment v Business receipts Business expenses Net capital gain Interest income Not an adjustment V Adjustment V Adjustment Adjustment Itemized deductions c. Determine Mario's NOL for 2018. Mario's NOL is Feedback Check My Work