Tobac Company reported an operating loss of $132,000 for financial reporting and tax purposes in 2016. The enacted tax rate is 40% for 2016 an all future years. Assume that Tobac elects a loss carryback. No valuation allowance is needed for any deferred tax assets.Taxable income, tax rates, and taxes paid for the four preceding years are as follows:

	Taxable Income	Tax Rates	Tax Paid
2012	$30,000	30%	$9,000
2013	$35,000	30%	$10,500
2014	$42,000	35%	$14,700
2015	$40,000	40%	$16,000