Delta Pharmaceuticals has reported a net operating loss of $500,000. However, it was found that $100,000 in tax-deductible research expenses were not included and $50,000 in non-deductible fines were incorrectly deducted.

Requirement: Recalculate the net operating loss and determine if the company can carry back the loss to the previous year, which had a taxable income of $400,000. Discuss the implications.

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