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The Smith Company, a C Corporation, in 2021 has a loss of $200,000. During 2022, 2023, 2024, and 2025, the company experienced the following: 2022
The Smith Company, a C Corporation, in 2021 has a loss of $200,000. During 2022, 2023, 2024, and 2025, the company experienced the following:
- 2022 - income of $120,000
- 2023 - income of $50,000
- 2024 - loss of $20,000
- 2025 - income of $200,000
Determine the taxes paid/refunded in each year, 2021, 2022, 2023, 2024, and 2025. Assume the income tax rate for all years is a 21% flat tax rate on all income levels.
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