Compute the net amount of taxes paid

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Reference no: EM131781962

Question - Garrison Designs, Inc., a corporation organized on January 1, 2002, reported the following incomes (losses) for the ten-year period, 2002-2011:

Year Income (Loss) Income Tax Rate Income Tax Paid

2002 $ 16,000 50% $ 8,000

2003 (40,000) 50 0

2004 16,000 48 7,680

2005 24,000 48 11,520

2006 (32,000) 45 0

2007 16,000 42 6,720

2008 32,000 42 13,440

2009 64,000 34 21,760

2010 80,000 34 27,200

2011 (16,000) 30 0

Applying the carryback provisions in the tax law, compute the net amount of taxes paid (amounts paid less refunds) for the ten-year period ending December 31, 2011.

Reference no: EM131781962

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