The Kenneth Parks Company's taxable income and tax payments/liability for the years 2003 through 2008 are given below.
|
Year
|
Taxable Income ($)
|
Tax Payments ($)
|
|
2003
|
100,000
|
22,250
|
|
2004
|
50,000
|
7,500
|
|
2005
|
(150,000)
|
0
|
|
2006
|
100,000
|
22,250
|
|
2007
|
50,000
|
7,500
|
|
2008
|
50,000
|
7,500
|
Compute the Company's tax refund in 2005.