Mortel Industries, Ltd., follows IFRS and reported the following taxable incomes/losses and tax rates for the first five years ended December 31:

GENERAL INFORMATION

	2016	2017	2018	2019	2020
Taxable income (loss)	$50,000	$(400,000)	$100,000	$230,000	$620,000
Tax rate	25%	40%	34%	34%	42%

Mortel had decided to always first carryback losses in any given year before carrying them forward. All tax rate changes were enacted as of the beginning of the year and these rates were not known until the year of change.

Now assume that Mortel decided that it was possible all of the losses would be used within the carryforward period and that in 2017 they correctly set up an asset of $408,000 to recognize this loss carry forward after carrying back the maximum loss possible to 2016. Also assume the 2018 tax rate was known in 2017. How much was the taxable loss in 2017?