The following data represents the complete taxable income history for a firm:

	Taxable income			Tax rate
20x11		$20,000		.30
20x12			$16,000		.30
20x13			$12,000		.35
20x14			$ 4,000		.40
20x15			$(40,000)		.40

What amount of refund will it receive for tax year 20x15?

Question 16 options:

	$12,200
	$13,000
	$10,600
	$15,000