Operating incomeloss and tax rates for lombard corporation, Ask an Expert

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Operating income/(loss) and tax rates for Lombard Corporation for 2012 through 2015 were as follows: 2012: $150,000, 30%; 2013: $250,000, 35%; 2014: ($500,000), 35%; 2015: $700,000, 40%. Assuming that Lombard opts to carryback its 2014 NOL, what is the amount of income tax payable at December 31, 2015?

a) $280,000

b) $240,000

c) $180,000

d) $80,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M945885

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