Balm, Inc., has a general business credit for 2019 of $90,000. Balms regular income tax liability before
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Balm, Inc., has a general business credit for 2019 of $90,000. Balm’s regular income tax liability before credits is $140,000, and its tentative AMT is $132,000. Calculate the amount of general business credit Balm can use in 2019, and calculate its general business credit carryback and carryforward, if any.
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The limitation on the general business credit that is ...View the full answer
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Related Book For 
South-Western Federal Taxation 2020 Essentials Of Taxation Individuals And Business Entities
ISBN: 9780357109175
23rd Edition
Authors: Annette Nellen, James C. Young, William A. Raabe, David M. Maloney
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