29. Lilikoi Corporation began business in 2009. Lilikoi earned taxable income of $40,000 in 2009 and $120,000
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29. Lilikoi Corporation began business in 2009. Lilikoi earned taxable income of $40,000 in 2009 and $120,000 in 2010. For 2011, Lilikoi Corporation has a net operating loss of $50,000 and decides to carry the loss back, filing a refund claim. Compute the amount of corporate income tax that Lilikoi paid for 2009 and 2010 and then determine the amount of tax that will be refunded from carrying back the 2011 NOL.
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