Mako and Snufco Corporations are affiliated and have filed consolidated returns for the past three years. Mako acquired 100% of Zebco stock on January 1 of last year, the date of Zebco's formation. Mako, Snufco, and Zebco, who have filed consolidated returns for last year and the current year, report the following taxable incomes.

Corporation	Taxable Income Last year	Taxable Income Current year
Mako	$18,000	$ 12,000
Snufco	9,000	8,000
Zebco	(25,000)	(35,000)

The $15,000 consolidated NOL reported in the current year

a. cannot be carried back.

b. can be carried back three years ago only.

c. can be carried back to last year and the remainder, if any, carried forward to subsequent years.

d. can only be used in future years.