XYZ, Inc. suffered a major loss of property and revenue from a storm in February of its current tax year. XYZ is a calendar year C corporation. The casualty will cause the operations of XYZ to be suspended for at least 120 days. This suspension is expected to cause a net operating loss by XYZ for the current tax year and a severe cash flow problem. XYZ expects that the carryback of the net operating loss caused by the storm will eliminate any taxes due for the preceding tax year. It intends to file a Form 7004 to extend the filing of its tax return for the previous year. Since the Form 7004 does not extend the time to pay taxes due, XYZ is still required to pay the $35,000 in taxes due for last year when it files the Form 7004. How can XYZ avoid the required payment of the taxes due for the preceding tax year? Question 38Select one: a. XYZ can file an amended return for the prior tax year. b. XYZ can write a letter to the Internal Revenue Service and explain the situation. c. XYZ cannot extend the period for paying these taxes. d. XYZ