A Company Had Taxable Income of $2 Million in Fiscal

question 69

Multiple Choice

A company had taxable income of $2 million in fiscal 2019 and paid taxes of 0.4 million; the company incurred a loss of $0.5 million in fiscal 2021 when the tax rate is 30%. How much refund is the company entitled to?

• A)$0.2 million
• B)$0.1 million
• C)$0.4 million
• D)$0.6 million

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Definitions:

Teratogens

Teratogens are substances or agents that can cause congenital anomalies or increase the incidence of malformations in the embryo or fetus upon exposure.

Congenital Anomalies

Refers to structural or functional defects that are present from birth.

Infectious Disease

An infectious disease is caused by pathogenic microorganisms, such as bacteria, viruses, parasites or fungi; diseases can be spread, directly or indirectly, from one person to another.

Creatine Phosphate

An energy storage molecule used by muscles that rapidly donates phosphate to ADP to form ATP during high-intensity activities.