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Nickerson Corporation began operations in 2018. There have been no permanent or temporary differences to account for since the inception of the business. The following data are available:

Year	Enacted Tax Rate	Taxable Income	Taxed Paid
1	45%	$1,250,000	$562,500
2	40%	1,500,000	600,000
3	35%
4	30%

In 2020, Nickerson had an operating loss of $1,550,000. What amount of income tax benefits should be reported on the 2020 income statement due to this loss?

a) $682,500

b) $622,500

c) $620,000

d) $465,000