Appalachian Airlines began operating in 2014. The company lost money the first year but has been profitable ever since. The company's taxable income (EBT) for its first five years is listed below. Each year the company's corporate tax rate has been 40%. YearTaxable Income2014-$3,250,0002015$1,000,0002016$2,000,0002017$3,000,0002018$5,000,000Assume that the company has taken full advantage of the Tax Code's carry-back, carry-forward provisions and that the current provisions were applicable in 2014. How much did the company pay in taxes in 2017?
A. $1,199,000
B. $1,100,000
C. $1,067,000
D. $1,364,000
E. $1,155,000
Answer: B
Business
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