Analyze the tax implications for the following case study. Apply the IRS codes to calculate a corporations net operating loss based on net income. Support your conclusions with reference to specific IRS codes and regulations. In 2011, Star Corporation reports gross income of $200,000 (including $150,000 of profit from its operations and $50,000 in dividends from less-than-20%-owned domestic corporations) and $220,000 of operating expenses. Stars 2009 taxable income (all ordinary income) was $75,000, on which it paid taxes of $13,750. What is Stars net operating loss for 2011? What is the amount of Stars tax refund Star carries back the 2011 net operating loss to 2009? Assume that Star expects 2012s taxable income to be $400,000. Ignore the U.S. production activities deduction. What election could Star make to increase the tax benefit (if any)? Assume a 10% discount rate as a measure of the time value of money