assume that the kelso company operates in an industry for which nol carryback is allowed. the kelso compan had the following operating rsults.
Year 2019 2020
2021 Income (loss) 36,000 48,000 (63,000) Tax rate 35% 30% 25% Income tax 12,600 first year of operations 14,400 0
What is the income tax refund receivable? Multiple Choice a.$20,700 b.$25,200. c.19.950. d.$19,200.