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 amount cannot be determined by the given information. The potential carry forward amount is calculated as $50,000 * (40% - 38%) = $1,000, which is less than the minimum amount that can be carried forward. A more likely than not criteria is needed to set up the benefit, which is a hurdle that needs to be cleared in order to recognize the tax benefit. Prior years' tax returns may be amended to create more taxable income but this is not relevant to the given information.

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