As of December 31, 20X1, Colt Corporation has a loss carryforward of $180,000 available to offset future taxable income. At December 31, 20X1, the company believes that realization of the tax benefit related to the loss carryforward is probable. The tax rate is 21%.

Required:

What amount of tax benefit should be reported in Colt’s 20X1 income statement assuming 

(a) The loss carryforward arose in 20X1 

(b) The loss carryforward arose prior to 20X1?