Fantino Inc

Fantino Inc. was incorporated in 2008 and adopted a calendar year for tax purposes. Here is a schedule of Fantino's taxable income for 2008 and 2009. In 2010, 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 2008 and receive a $4,760 refund of 2008 tax.
C) Fantino can carry the net capital loss back to 2009 and receive a $5,460 refund of 2009 tax.
D) Fantino can carry the net capital loss back to 2009 and receive a $2,262 refund of 2009 tax.