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

Assume that the Kelso Company operates in an industry for which NOL carryback is allowed, The Kelso Company had the following operating results: Income tax Year Income (loss) Tax rate 2019 38,000 358 13,300 first year of operations 2020 49,000 30 14,700 2021 (64,000) 25 What is the income tax refund receivable? Multiple Choice $25,600 $19,600 20,350 $21100

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