Mauricio’s small corporation suffered a $10,000 Net Operating Loss (NOL) in the 2019 tax year. In 2020, due to the government’s COVID-19 incentives, he could continue with his business and produced a net profit of $25,000 at the end of the 2020 tax year. In an effort to reduce his taxes in 2020, how much of his total current NOL in 2019 will Mauricio carryforward to the 2020 tax year?

a) He will carryforward the entire $10,000 NOL.

b) He must carryforward 50% of the NOL unless he elects to waive the carryback.

c) He may elect to carryforward whatever amount of the NOL suitable for his business.

d) He must carryforward zero of the NOL to the 2020 year.