What amount should Peck report as an income tax refund receivable?
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Peck Co. reports a taxable and pretax financial loss of $400,000 for 2008. Peck's taxable and pretax financial income and tax rates for the last two years were:
2006..$400,000...30%
2007...$400,000...35%
The amount that Peck should report as an income tax refund receivable in 2008, assuming that it uses the carryback provisions and that the tax rate is 40% in 2008, is
a) $120,000
b) $140,000
c) $160,000
d) $180,000
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The solution explains how to calculate the amount of income tax refund receivable.
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a) $120,000
In carryback provision, the last two years of income can be taken as refund ...
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