Carlson's general business credit allowed for the year is $_________ and his unused general business credit of $_______ may be carried back or forward.
Carlson's general business credit allowed for the year is $_________ and his unused general business credit of $_______ may be carried back or forward.
Chapter17: Tax Practice And Ethics
Section: Chapter Questions
Problem 20CE
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Question
Carlson's general business credit for the current year is $114,450. His net income tax is $251,790, tentative minimum tax is $226,611, and net regular tax liability is $239,201. He has no other Federal income tax credits. Determine Carlson's general business credit allowed for the year, and any amounts that can be carried back and forward.
Carlson's general business credit allowed for the year is $_________ and his unused general business credit of $_______ may be carried back or forward.
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