For three consecutive years, 2012-2014, Siamese Corporation has reported income before taxes of $200,000 for both financial reporting purposes and tax reporting purposes. During this time, Siamese income tax rates were as follows: 2012 ............................ 20% 2013 ............................ 25% 2014 ............................ 30% In 2015, Siamese' tax rate changed to 35 percent. Also
in 2015, the company reported a loss for both financial reporting and tax reporting purposes of $200,000 . Assuming the company uses the carryback provisions, the amount Siamese' should report as an income tax refund receivable in 2015 is
a. $45,000.
b. $50,000.
c. $60,000.
d. $67,500.
B
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