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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: Year 2019

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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: 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 What is the income tax refund receivable? Multiple Choice $20,700 $25,200. 19.950. $19,200

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