Quiz 12. Chapter 12.

Q1. Bobs general business credit for 2016 is $55,000. His net regular income tax is $85,000, and his tentative minimum tax is $60,000. He has no other tax credits. Compute Bobs general business credit allowed for 2016.

Net regular tax
Less: Greater of AMT
25% of regular tax in excess of $25,000
General business tax allowed for 2016

Bobs regular tax after any available credits for 2014 and 2015 was $15,000 and $20,000, respectively. Calculate the carryback and/or carryover for the remaining 2016 general tax credit.

Total 2016 credit		$
Credit used in 2016
Carryback to 2015
Carryover available for 2017 and beyond.