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What is the income tax refund receivable

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Reference no: EM132537697

Question - Assume that the Kelso Company operates in an industry for which NOL carryback is allowed. The Kelso Company had the following operating results:

Year income (loss) Tax rate Income tax

2019 44,000 35% 15,400 first year of operations

2020 52,000 30% 15,600

2021 (67,000) 25% 0

Required - What is the income tax refund receivable?

a. $21,550

b. $26,800

c. $22,300

d. $20,800

Reference no: EM132537697

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