Michael Rambo, single and calendar year taxpayer, is the sole owner of Slice-It Pizza Company, a sole proprietorship. Michael materially participated in the activity. In 2019, Slice-It Pizza reported revenues of $600,000 and deductions of $410,000, exclusive of a net operating loss deduction of $150,000.

The NOL was carried forward from 2018. For tax purposes, Michael reports revenues and expenses of Slice-It Pizza on Schedule C of Form 1040—Individual Income Tax Return.
If Michael has no other taxable income, deductions or credits in 2019, other than those listed above, what tax effect does the $150,000 NOL have on his 2019 tax return?
Ignore liability for self-employment taxes.