6. A corporation generates a $72,000 NOL in 20x6. The corporations modified taxable income for the following years are as follows.

20X1 $19,000

20X2 $25,000

20X3 $3,000

20X4 $10,000

20X5 $12,000

20X7 $22,000

20X8 $21,000

Assume that the marginal tax rate of the corporation is 15 percent from 20x1-20x5 and 34 percent from 20x7-20x9. Compute the total tax savings generated from the NOL assuming (a) that the corporation does not forego the carry back period, and (b) the corporation elects to forego the carry back period. For purposes of this calculation, assume that any remaining NOL carryover is utilized in 20x9.