Fantino Inc In 2021, Fantino Generated $297,300 Ordinary Income and Recognized a Year

Fantino Inc. was incorporated in 2019 and adopted a calendar year for tax purposes. Here is a schedule of Fantino's taxable income for 2019 and 2020. $\begin{array}{llr}&2019&2020\\ \text { Ordinary income} &\$99,800&\$168,100\\ \text {Net capital gain } &0&5,800\\ \text {Taxable income } &\$99,800&\$173,900\end{array}$
In 2021, Fantino generated $297,300 ordinary income and recognized a $14,000 net capital loss. Which of the following statements is true?

A) Fantino can deduct its $14,000 net capital loss only on a carryforward basis.
B) Fantino can carry the net capital loss back to 2019 and receive a $2,940 refund of 2019 tax
C) Fantino can deduct the capital loss against its 2020 ordinary income, producing $2,940 of tax savings.
D) Fantino can carry the net capital loss back to 2020 and receive a $1,218 refund of 2020 tax.