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Jewel, Inc. reports a net operating loss for 2021 of $2,977,000. Last year the company reported taxable income of $1,340,000 and in 2019 the company

Jewel, Inc. reports a net operating loss for 2021 of $2,977,000. Last year the company reported taxable income of $1,340,000 and in 2019 the company reported taxable income of $1,489,000. If the tax team has decided to use the carryback provision.

What will be the company's tax refund in 2021, assuming the tax rate for all three years is 25%?

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