Taxpayer operates a business which is classified as a principal activity. During taxable year 20X1, the taxpayer generated $500,000 in income and incurred $ 600,000 in ordinary and necessary expenses. Due to the results of its operations, Taxpayer generated Select one: Oto. $ 0 net taxable income because ordinary and necessary expenses cannot exceed gross income. O b. a $ 500,000 taxable profit in its entirety. c. a net operating loss of $100,000 in 20X1 which does not provide any tax benefit. d. a net operating loss of $100,000 in 20X1 which can be attempted to be claimed as a deduction in 20X2.