In the first two years of operations, a company reported taxable income of $100,000 and $150,000, respectively. In these two years, the company paid $20,000 and $36,000, respectively, in income taxes. It is now the end of the third year, and the company has a loss of $220,000 for tax purposes. The company carries losses to the earliest year possible. The tax rate is currently 25%. 

Required:

Compute the amount of income tax payable or receivable in the current (third) year.