Just wanted to confirm that, if a taxpayer is taking the Foreign Earned Income Exclusion and all of her income is zeroed out by the exclusion, can she then claim the Net Operating Loss created after the Standard Deduction is factored in for carryforward to future years?

In other words, she made $60,000 of income, all of which was zeroed out by the Foreign Exclusion. Her final income after the Standard Deduction is ($12,200).  Does she have a $12,200 NOL for future years now?