Mays Industries was established in 2009. Since its inception, the company has generated the following levels of taxable income (EBT): Year: taxable income 2009:   50K  2010:   40K  2011:   30K 2012:    20K  2013:   -100K 2014:    60K Assume that each year the company has faced a 40% income tax rate. Also, assume that the company has taken full advantage of the Tax Code's carry-back, carry-forward provisions, and assume that the current provisions were applicable in 2008. What is the company's tax liability for 2014? The answer provided is $4,000. Please show how that was calculated.

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