NOL Carryback and Carryforward

The financial history below shows the income and losses for Irontree Company for the 10-year period 2,004-2,013.

Assume that no adjustments to taxable income are necessary for purposes of the NOL carryback and that the company elects to use the carryback provisions of the tax code.

Year	Taxable & Pretax Financial Income	Income Tax Rate	Income Tax Paid
2004	$14,200	48%	$6,816
2005	$17,600	48	$8,448
2006	$20,500	42	$8,610
2007	($29,300)	42	0
2008	$13,900	42	$5,838
2009	($25,100)	44	0
2010	$23,500	44	?
2011	$40,650	38	$15,447
2012	($64,400)	38	0
2013	$72,00	38	?

GIven the foregoing information, compute the amount of income tax refund for each year as a result of each NOL carryback and the amount of the carryforward (if any). Enter all answers as positive amounts. If there is no balance to report, place a zero in the answer box.

Income tax refund due in 2,007	$ ________
Amount of operating loss carryforward	$ ________
Income tax refund due in 2,009	$ ________
Amount of operating loss carryforward	$ ________
Income tax refund due in 2,012	$ ________
Amount of loss carryforward	$ ________

2. Calculate the amount of income tax paid, showing the benefit of the NOL carryforward, for the years 2,010 and 2,013. Enter all answers as positive amounts.

2,010: $ ________

2,013: $ ________

3. For 2,013, give the entry (or entries) to record income taxes, assuming that the deferred tax asset stemming from the 2,012 NOL carryforward was fully recognized in 2,012. If an amount box does not require an entry, leave it blank.