Corporation VB's tax returns for 2014, 2015, and 2016 provide the following information:

a. On the basis of the given data, did VB derive any tax benefit from its 2014 NOL? Explain your conclusions.
b. VB generated a $350,000 net operating loss for 2017. It projects that it will continue to operate at a loss through 2018 but should generate at least $1 million taxable income in 2019. On the basis of this projection, compute the net present value of the tax savings from VB's deduction of the 2017 NOL, assuming that VB deducts it as a carryback and carryforward to the extent possible. In making your calculations, refer to the corporate tax rate schedule to compute VB's tax in 2015 and 2016, and use a 5 percent discount rate to compute NPV.
c. Should VB elect to give up the carryback of its 2017 NOL and use the entire NOL as a carryforward deduction? Support your conclusion with calculations.

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2014 2015 2016 $7,810,000 $1,890,000 (1,830,000) 60,000 Gross Income Deductions Taxable Income or (NOL) (190,000) (7.700,000) $ (40,000)