Nunoz Inc., a calendar year taxpayer, incurred a net operating loss in 2018 that it carried back

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Nunoz Inc., a calendar year taxpayer, incurred a net operating loss in 2018 that it carried back as a deduction against 2016 income. Nunoz’s treasurer filed a claim for a $712,600 refund of 2016 tax and expects to receive a check from the government any day now. Identify the tax issue or issues suggested by the situations, and state the issue in the form of a question.

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