Hoku Corporation (a C corporation)had the following history of income and loss: How much of a tax refund can Hoku Corporation receive by carrying back its 2015 loss?
A)$1,500
B)$2,500
C)$3,500
D)None; it cannot carry its loss back

Question

Hoku Corporation (a C corporation)had the following history of income and loss:  How much of a tax refund can Hoku Corporation receive by carrying back its 2015 loss?
A)$1,500 
B)$2,500 
C)$3,500 
D)None; it cannot carry its loss back

Quizplus · Accepted Answer

($10,000 x .15 marginal tax bracket for 2013 = $1,500)

Hoku Corporation (A C Corporation)had the Following History of Income