A Corporation's Records Show the Following Assume the Corporation Has Never Had Dividend Income and Its

Multiple Choice

A corporation's records show the following: $$\begin{array} { l r r r c r } 2009 & 2010 & 2011 & 2012 & 2013 \\\text { Net operating gain (loss) } & \$ 6,000 & \$ 16,000 & \$ 42,000 & \$ 27,000 & ( \$ 65,000 ) \end{array}$$ Assume the corporation has never had dividend income and its only NOL occurred in 2012.Using the NOL carryback provisions of the Code, on what portion of income in 2012 will tax not be refunded?

A) $0
B) $4,000
C) $20,000
D) $27,000
E) None of the above