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A is corrent because HG elected to carryback the loss. Loss carrybacks can be carried back to the two immediate past periods’ income. Because HG only has one year of income before the loss, the refund is calculated based on that income. HG can only recover taxes already paid (taxable income multiplied by the tax rate in effect). Therefore, the refund receivable would be calculated as $100,000 x 40% = $40,000. The remainder of the loss ($300,000 –  $100,000 = $200,000) would be carried forward as a deferred tax asset of $60,000 using the future enacted tax rate ($200,000 x 30% = $60,000).
B is incorrect because HG is only entitled to a refund of taxes paid in the carryback year. Refer to the correct answer explanation.
C is incorrect because HG did not forego to carryback the year 3  loss. Refer to the correct answer explanation.
D is incorrect because the tax rate in effect for the carryback year must be used to calculate the refund. Refer to the correct answer explanation.