The question below includes actual dates that must be used to determine the appropriate tax treatment of the transaction. The following information applies to a calendaryearend C corporation whose net operating loss was generated in the year ending December 31, 2020:

Net operating loss (NOL) incurred in 2020 ($80,000)

Combined taxable incomes in 2018 and 2019 60,000

Taxable income in 2021 20,000 The corporation's taxable income in 2018, 2019, and 2020 is before consideration of any NOL carrybacks or carryforwards. How much of the 2020 NOL can be used to offset income in 2021?

Group of answer choices

$80,000

$64,000

$20,000

$16,000