A company had taxable income of $2 million in fiscal 2016 and paid taxes of 0.4 million; the company incurred a loss of $0.5 million in fiscal 2018 when the tax rate is 30%.How much refund is the company entitled to?

Name: A company had taxable income of $2 million in fiscal 2016 and paid taxes of 0.4 million; the company incurred a loss of $0.5 million in fiscal 2018 when the tax rate is 30%.How much refund is the company entitled to?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

B) 0.5 million × 20% (tax rate in effect in fiscal 2016)

A Company Had Taxable Income of $2 Million in Fiscal