For Three Consecutive Years,2012-2014,Siamese Corporation Has Reported Income Before Taxes

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:

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.

Correct Answer:

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