WSU Construction Co. reports an NOL of $550,500 in 2020 and has a tax rate of 35%. In 2019, the taxable income was $150,000 and the tax rate was 25%. In 2018, the taxable income was $85,000 and the tax rate was 30%. In 2017, the taxable income was $50,000 and the tax rate was 35%. WSU Construction decides to use the carryback option to try to recover its taxable income in the past years. What would be the amount of their refund?

Answer rating: 100% (QA)

WSU Construction Co can potentially recover some of their 2020 NOL by carrying it back to the previo... View the full answer