Assume income tax rates of 20% in 2021, 25% in 2020 and 25% in 2019 respectively. In 2019, its 1st year of operations, Gaastra Inc. has a net operating loss of ($120,000). Assume Gaastra management thinks that, at the end of 2019, that it is likely that the loss carryforwards will be realized in the future. Then in 2020, Gaastra has $220,000 in taxable income. Management still believes Gaastra will continue to be profitable in the future.