1. X Company, a public company, founded in 2017, was profitable in 2018 and 2019. In 2020, X Company reported a loss of $250,000 for tax purposes. X expects future years to be profitable. The Company has decided to carry the loss back, which will use up $200,000 of the loss amount. Which of the following best describes the effect of the 2020 loss on Xs financial statements?
2. 3. A tax receivable for the previous years taxes paid will be reported as an asset
   4. A tax benefit for future years will be reported as an asset
   5. A tax gain for the previous years taxes paid will be reported
   6. A tax receivable for the previous years taxes paid and a tax benefit for future years will be reported as assets.