Rafael has modified taxable income of $50,000 and a net loss of $40,000 from a Qualified Business. Which of the following statements is correct? a. Carry back the $40,000 loss to reduce Qualified Business Income in the prior year. b. Carry forward the $40,000 loss to reduce Qualified Business Income to the next or succeeding tax year. c. Reduce taxable income in the current year by $8,000 ($40,000 x 20%). d. Reduce taxable income in the next year by $8,000 ($40,000 x 20%)