Grant and Marvin organized a new business as a corporation in which they own equal interests. The new business generated a $65,000 operating loss for the year. Use Appendix A. Requlred: a. Assume the corporation expects to generate $500,000 of Income next year and has a 21 percent tax rate. Calculate the net present value of the future tax savings assoclated with the current year operating loss, using a 4 percent discount rate. Note: Do not round Intermedlate computations. Round your final answer to the nearest whole dollar amount. b. Now assume that the corporation makes an election under Subchapter S to be treated as a passthrough entity. If Grant's marginal tax rate is 35 percent and Marvin's marginal tax rate is 37 percent, calculate the tax savings assoclated with the current year operating loss. Assume the basis and excess business loss limitations do not apply