In 2013, Smith Traders Inc. reported taxable income of $100,000. In 2014, it reported taxable income of $15,000. In 2015, it reported taxable income of $95,000. In 2016, Smith Traders experienced a net operating loss of $25,000. What amount of refund can Smith Traders receive if it does not elect to forgo the carryback (see the corporate income tax schedule)?

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The Answer of In 2013, Smith Traders Inc. reported taxable income of $100,000. In 2014, it reported taxable income of $15,000. In 2015, it reported taxable income of $95,000. In 2016, Smith Traders experienced a net operating loss of $25,000. What amount of refund can Smith Traders receive if it does not elect to forgo the carryback (see the corporate income tax schedule)?