In 2015, Ace Corporation reports gross income of $200,000 (including $150,000 of profit from its operations and $50,000 in dividends from less-than-20%-owned domestic corporations) and $220,000 of operating expenses. Ace's 2013 taxable income (all ordinary income) was $75,000, on which it paid taxes of $13, 750. What is Ace's NOL for 2015? What is the amount of Ace's tax refund if Ace carries back the 2015 NOL to 2013? Assume that Ace expects 2016's taxable income to be $400,000. Ignore the U.S. production activities deduction. What election could Ace make to increase the tax benefit from its NOL? What is the dollar amount of the expected benefit (if any)? Assume a 10% discount rate as a measure of the time value of money