A)
Income Tax Refund Receivable
66,600
Income Tax Benefit
66,600
B)
Income Tax Refund Receivable
77,700
Income Tax Benefit
77,700
C)
Income Tax Refund Receivable
88,800
Income Tax Benefit
88,800
D)
Income Tax Refund Receivable
111,000
Income Tax Benefit
111,000
Answer: B
Explanation: B) (111,000 × 30%) + (111,000 × 40%) = $77,700. NOL carryback is only 2 years to 2014 and 2015.