Bill,age 40,is Married with Two Dependents Based on the Above Information,what Is the Net Operating Loss

Bill,age 40,is married with two dependents.Bill had the following items for the 2014 year: $\begin{array}{lr}\text { Bill's business loss } & (\$ 40,000) \\\text { Bill's salary } & 50,000 \\\text { Personal casualty gains } & 5,000 \\\text { Personal casualty loss (after } \$ 100 \text { floor) } & (23,000) \\\text { Other itemized deductions } & (15,000) \end{array}$ Based on the above information,what is the net operating loss for Bill and his spouse for the 2014 year?

A) $0
B) $5,000
C) $7,000
D) $12,000
E) None of these