The NOL Company had a loss of $1 million for 2001. The firm had income and paid

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The NOL Company had a loss of $1 million for 2001. The firm had income and paid taxes in the four prior years of:image text in transcribed

Suppose the tax law allows losses to be carried back three years and forward 15 years.

a. How much of a refund of prior taxes can NOL receive?

b. How much of the loss, if any, can be carried forward to future years?

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