A company had taxable income of $12 million in fiscal 2016 and paid taxes of 4.8 million; the company incurred a loss of $7 million in fiscal 2017 when the tax rate is 50%.How much refund is the company entitled to?

Name: A company had taxable income of $12 million in fiscal 2016 and paid taxes of 4.8 million; the company incurred a loss of $7 million in fiscal 2017 when the tax rate is 50%.How much refund is the company entitled to?
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Question

Quizplus · Accepted Answer

B) 7 million × 40% (tax rate in effect in fiscal 2016)

A Company Had Taxable Income of $12 Million in Fiscal