The Kelso Company had the following operating results:
Year Income (loss) Tax rate Income tax
2014 30,000 35% 10,500 first year of operations
2015 45,000 30% 13,500
2016 (60,000) 30% 0
What is the income tax refund receivable?
I would like to know the steps in how to get the answer. what happen when the NOL is less than than the prior years