Problem regarding the taxable income

Reference no: EM13973516

If a corporation had $1,000,000 of Taxable Income per year over the past four years and has paid 40% in taxes on that taxable income for each of the past four years, but in the fifth year incurs a loss of $4,000,000, how much of the $4,000,000 can be carried back and how much can be carried forward if any? How much of a refund would the company get from taxes previously paid? Show work below and then show how much was carried back as a total here_______________, how much was carried forward, if any, here _________________, and the tax refund to be received here_______________.

Reference no: EM13973516

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