During its first three years of operations a company reported income before taxes of $1,000,000 in year 1, ($1,800,000) in year 2,

and $3,000,000 in year 3. The income tax rate applicable to each of the years was 40%.

Assume that there weren't any temporary differences and a valuation allowance was not necessary.

How much income tax expense was reported in year 3 if the company elected a loss carryback?

Please show work