Mays Industries was established in 2013. Since its inception, the company has generated the following levels of taxable income (EBT): YearTaxable Income2013$50,0002014$40,0002015$30,0002016$20,0002017-$52,5002018$60,000? Assume that each year the company has faced a 40% income tax rate. Also, assume that the company has taken full advantage of the Tax Code's carry-back, carry-forward provisions, and assume that the current provisions were applicable in 2013. What is the company's tax liability for 2018?
A. $19,780
B. $27,830
C. $23,000
D. $25,990
E. $17,250
Answer: C
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