Dwayne has general business credits totaling $30,000 before limitation. His regular tax liability is $83,000 and his tentative minimum tax is $79,000. What amount of general business credit can Dwayne take this year?
A) $4,000
B) $14,500
C) $25,000
D) $30,000
A) $4,000
The general business credit may not exceed the smaller of (1) net income tax - tentative minimum tax ($83,000 - $79,000 = $4,000) or (2) (net income tax - 0.25 net regular tax - $25,000) [0.25 ($83,000 - $25,000) = $14,500].
You might also like to view...
) Information such as the report title, the writer's name, and the submission date are usually found
A) on the title page. B) on the title fly page. C) on the cover. D) in the letter of transmittal. E) in the letter of authorization.
A letter of application or application email message ideally should be addressed to
a. a specific individual. b. the human resources department. c. whom it may concern. d. the company.
It is common for customers to look for companies with solid reputations that are supported by a well-designed customer service strategy and infrastructure.
Answer the following statement true (T) or false (F)
Which of the following is true of data replication?
A) Reduced storage requirements B) Slower response C) Node decoupling D) Requires Oracle