Fantino Inc In 2017, Fantino Generated $297,300 Ordinary Income and Recognized a Year

Fantino Inc. was incorporated in 2015 and adopted a calendar year for tax purposes. Here is a schedule of Fantino's taxable income for 2015 and 2016. $\begin{array}{lrr}& 2015 & 2016 \\\text { Ordinary income } & \$ 99,800 & \$ 168,100 \\\text { Net capital gain } & -0- & 5800\\\text { Net capital gain } & \$99,800 & \$173,900\\\end{array}$ In 2017, 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 2015 and receive a $4,760 refund of 2015 tax.
C) Fantino can carry the net capital loss back to 2016 and receive a $5,460 refund of 2016 tax.
D) Fantino can carry the net capital loss back to 2016 and receive a $2,262 refund of 2016 tax.