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 24,000 0 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 Not an adjustment V Adjustment Check My Work