Mays Industries was established in 2013. Since its inception, the company has generated the following levels of taxable income (EBT):

Year	Taxable Income
2013	$50,000
2014	$40,000
2015	$30,000
2016	$20,000
2017	-$52,500
2018	$60,000

Assume that each year the company has faced a 40% income tax rate. Also, assume that the company has taken full advantage of the Tax Code's carry-back, carry-forward provisions, and assume that the current provisions were applicable in 2013. What is the company's tax liability for 2018?

a. $19,780

b. $25,990

c. $27,830

d. $17,250

e. $23,000