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The Bell Company had the following operating results: Year Income (loss) Tax rate Income tax 2016 40,000 35% 14,000 2017 20,000 35% 7,000 2018 50,000
The Bell Company had the following operating results:
| Year | Income (loss) | Tax rate | Income tax |
| 2016 | 40,000 | 35% | 14,000 |
| 2017 | 20,000 | 35% | 7,000 |
| 2018 | 50,000 | 40% | 20,000 |
| 2019 | (60,000) | 40% | 0 |
What is the income tax refund receivable?
| a. | $27,000. | |
| b. | $24,000. | |
| c. | $23,000. | |
| d. | $21,000. |
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