A taxpayer is paying alternative minimum tax this year. The AMT is primarily due to timing differences, resulting in the creation of a minimum tax credit. The taxpayer will apply the minimum tax credit
A) against the current year's AMT liability.
B) against a future year's AMT liability.
C) as a carryback to the preceding two years.
D) against a future year's regular tax liability when regular tax exceeds the tentative minimum tax.
D) against a future year's regular tax liability when regular tax exceeds the tentative minimum tax.
To avoid double taxation on timing differences, the law allows a minimum tax credit to be applied against regular tax in a future year when the taxpayer does not have an AMT liability.
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The following information is available for Richardson Company for its first year of operations: Sales in units 5,000 Production in units 8,000 Manufacturing costs: Direct labor $3 per unit Direct material $5 per unit Variable overhead $1 per unit Fixed overhead $100,000 Net income (absorption method) $30,000 Sales price per unit $40 Refer to Richardson Company. If Richardson Company were using
variable costing, what would it show as the value of ending inventory? a. $120,000 b. $64,500 c. $27,000 d. $24,000
The credit balance in Cash Short and Over at the end of an accounting period is reported as ________
a. an expense on the income statement b. an asset on the balance sheet c. income on the income statement d. a liability on the balance sheet
A person other than the grantor or the grantor's heirs who is entitled to possession of real
property upon the expiration of a limited or contingent estate is called a: A) Reversionperson. B) Defeasible. C) Remainderperson. D) Tenant.
Disposal cost is what type of total cost of ownership cash flow?
a. Acquisition b. Ownership c. End of life d. Disposal cost is not a type of total cost of ownership cash flow