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B is correct!

Determine taxable income in each of the following independent cases. In all cases, the company was formed in 2012 , was very profitable in all years prior to 2017, and had retained earnings of $3,000,000 at the end of 2017. Required: a. In 2018 , Company A has taxable income of $70,000 prior to consideration of any net operating loss. In 2017 , the company incurred a net operating loss of $14,000. It did not elect to waive the carryback period. Determine 2018 taxable income. b. In 2018 , Company B has taxable income of $58,000 prior to consideration of any net operating loss. In 2017 , the company incurred a net operating loss of $26,000. It elected to waive the carryback period. Determine 2018 taxable income. c. In 2021 , Company C has taxable income of $42,000 prior to consideration of any net operating loss. In 2020 , the company incurred a net operating loss of $36,400 and elected to forgo the carryback period. Determine 2021 taxable income. d. In 2021 , Company D has taxable income of $42,000 prior to consideration of any net operating loss. In 2017 , the company incurred a net operating loss of $6,000. It elected to waive the carryback period. In 2018 , the company incurred a net operating loss of $48,000. In 2019 and 2020, the company had net income of zero. Determine 2021 taxable income