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Dix, Inc., a calendar-year corporation, reported the following operating income (loss) before income tax for its first three years of operations:
Year 1 $100,000
Year 2 (200,000)
Year 3 400,000
There are no permanent or temporary differences between operating income (loss) for financial and income tax reporting purposes. When filing its year 2 tax return, Dix did not elect to forego the carryback of its loss for year 2. Assume a 40% tax rate for all years. What amount should Dix report as its income tax liability at December 31, year 3?