The amount that rodd should report as an income tax refund, Ask an Expert

Accounting

Rodd Co. reports a taxable and pretax financial loss of $400,000 for 2011. Rodd's taxable and pretax financial income and tax rates for the last two years were:

2009 $400,000 30%
2010 400,000 35%

The amount that Rodd should report as an income tax refund receivable in 2011, assuming that it uses the carryback provisions and that the tax rate is 40% in 2011, is

$160,000.

$180,000.

$120,000.

$140,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M991109

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