Wilcox Corporation reported the following results for its first three years of operation:

2012 income (before income taxes) $ 150,000

2013 loss (before income taxes) ( 1,350,000)

2014 income (before income taxes) 1,500,000

There were no permanent or temporary differences during these three years. Assume a corporate tax rate of 30% for 2012 and 2013, and 40% for 2014

Assuming that Wilcox elects to use the carryforward provision and not the carryback provision, what income (loss) is reported in 2013?