For the year 2020, when should a corporate taxpayer elect to forgo carryback of a net operating loss and instead carry the net operating loss forward?

a. A taxpayer cannot carry back an NOL.

b. When the taxpayer has low marginal tax rates in carryback years and expects to be in higher marginal rates in the future.

c. When the taxpayer expects lower rates in the future.

d. When the taxpayer expects net operating losses in the future.