At the beginning of the current year, Allegro Corporation acquires all of Tempo Corporation’s stock in a Type B reorganization. At the time of the acquisition, Tempo’s stock has a $900,000 FMV, and Tempo has a $115,000 net operating loss (NOL) carryover. Assuming a 3.25% long-term tax-exempt federal rate, a 34% corporate tax rate, and a 5% discount rate, determine the present value of the tax benefits that will result from the NOLs. Assume that any NOL benefit will occur at the end of each relevant tax year.