Assume that the Kelso Company operates in an industry for which NOL carryback is
allowed. The Kelso Company had the following operating results:
Year Income (loss) Tax rate Income tax
2020 45,000 30% 13,500
2021 (60,000) 25% 0
What is the income tax refund receivable?
A) $13,500
B) $15,000
C) $45,000
D) $1,500