JMR Corp.sustained taxable income in 2011 of $50,000 when the tax rate was 40%.In 2012 they suffered a tax loss of $80,000 when the tax rate was 38%.All of the following are true except:

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The tax refund would not amount to $12,000 because the loss in 2012 ($80,000) would be applied against the income in 2011 ($50,000) at the 2011 tax rate of 40%, resulting in a tax benefit of $20,000 (40% of $50,000), not a refund of $12,000. The remaining loss of $30,000 could be carried forward or back according to tax laws, but the specific refund amount from this action is not directly provided in the options.

JMR CorpSustained Taxable Income in 2011 of $50,000 When the Tax