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

2020 income (before income taxes) $ 600,000

2021 loss (before income taxes) (2,500,000)

2022 income (before income taxes) 3,000,000

There were no permanent or temporary differences during these three years. Assume a corporate tax rate of 30% for 2020 and 2021, and 40% for 2022.

Wilcox uses the carryforward provision, what income (loss) is reported in 2021? (Assume that any deferred tax asset recognized is more likely than not to be realized.)