During its first year of operations, Alcoa Corporation reported a net operating loss of $600,000 for financial reporting and tax purposes. The enacted tax rate is 25%. Which of the following is true?
a) Alcoa Corporation owes $150,000 in taxes.
b) The tax loss can be carried forward to offset future income.
c) Alcoa Corporation will receive a tax credit of $150,000.
d) The financial loss will not impact taxes due to the low tax rate.