P Corp. reported the following pretax accounting income and taxable income for its first three years of operations:

2012	$ 354,000
2013	(524,000)
2014	785,000

P's tax rate is 39% for all years. As of December 31, 2013, Puritan was certain that it would recover the full tax benefit of the NOL that remained after the operating loss carryback.

What would P's report as net income for 2014?

	$545,150.
	$239,860.
	$543,142.
	$375,150.