Park Company has no permanent or temporary differences and pays no state income tax. Park reported taxable income of $50,000 in 20X1, its first year of operations. Assume the tax rate was 30% in 20X1 and 40% in 20X2 and all future years. Park reports a taxable loss in 20X2 of $40,000. If Park elects to carry back its operating loss to 20X1, what would its tax refund receivable (and current tax benefit) be? A $12,000 B $16,000 $40,000 $50,000