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In 2022, Jake receives a qualified mortgage credit certificate (MCC) from California. This year, his regular tax liability is $1,100, he owes no alternative minimum
In 2022, Jake receives a qualified mortgage credit certificate (MCC) from California. This year, his regular tax liability is $1,100, he owes no alternative minimum tax, and his Mortgage Interest Credit is $1,700. Additionally, Jake claims no other credits. What amount of Jake's unused Mortgage Interest Credit for this year can he carry forward to the next 3 years or until used, whichever comes first?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
