Homework Answers
| Particular | Amount | |
| Net income Tax | $ 327,690 | |
| Less: Greater of : | ||
| Tentative Minimum Tax | $ 294,921 | |
| 25% of regular tax liability over $ 25,000 | $ 71,576.5 | $ (294,921) |
| General Tax Credit Allowed | $ 32, 769 |
Carlson's General business credit allowed for the year is $ 32,769 and his unused general business credit is $ 116,181 ( $ 148,950 - $ 32,769)
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Exercise 12-11 (Algorithmic) (LO. 2) Carlson's general business credit (before limitations) for the current year is...
Carlson's general business credit (before limitations) for the current year is $109,850. His net income tax...
Carlson's general business credit (before limitations) for the current year is $109,850. His net income tax is $241,670, tentative minimum tax is $217,503, and net regular tax liability is $229,587. He reports no other Federal income tax credits for the year. Compute Carlson's general business credit allowed for the year, and any amounts that can be carried back and forward. If required, round your computations to the nearest dollar. Carlson's general business credit allowed for the year is $______ and...
Problem 12-21 (a) (LO. 2) Elsie has a tentative general business credit of $65,000 for the current year. Her net re...
Problem 12-21 (a) (LO. 2) Elsie has a tentative general business credit of $65,000 for the current year. Her net regular tax liability before the general business credit is $145,000, and her tentative minimum tax is $101.000. Complete the statements below that outline Elsie's limitation on the general business credit. of her tentative minimum tax or Elsie's general business credit is limited to her net income tax reduced by the % of the net regular tax liability that exceeds $...
Problem 12-21 (b) (LO. 2) Genevieve has a tentative general business credit of $12,000 for the...
Problem 12-21 (b) (LO. 2) Genevieve has a tentative general business credit of $12,000 for the current year. Her net regular tax liability before the general business credit is $23,000, and her tentative minimum tax is $18,000. Complete the statements below that outline Genevieve's limitation on the general business credit. of her tentative minimum tax or Genevieve's general business credit is limited to her net income tax reduced by the % of the net regular tax liability that exceeds $...
Problem 12-22 (Algorithmic) (LO. 2) Oak Corporation holds the following general business credit carryovers: 2015 $12,500...
Problem 12-22 (Algorithmic) (LO. 2) Oak Corporation holds the following general business credit carryovers: 2015 $12,500 2016 37,500 2017 13,500 2018 41,500 Total carryovers $105,000 Oak’s general business credit generated by 2019 activities equals $84,000 and the total credit allowed during the current year is $150,000 (based on tax liability). a. Enter the amount (if any) of each year's carryover utilized in 2019. Year Amount of Carryover Utilized 2015 $ 2016 $ 2017 $ 2018 $ 2019 $ b. What...
Problem 13-25 (Algorithmic) (LO. 2) Oak Corporation has the following general business credit carryovers: 2015 $11,750...
Problem 13-25 (Algorithmic) (LO. 2) Oak Corporation has the following general business credit carryovers: 2015 $11,750 2016 35,250 2017 12,750 2018 39,250 Total carryovers $99,000 The general business credit generated by activities during 2019 equals $79,200 and the total credit allowed during the current year is $141,000 (based on tax liability). a. Enter the amount (if any) of each year's carryover utilized in 2019. Year Amount of Carryover Utilized 2015 $ 2016 $ 2017 $ 2018 $ 2019 $ b....
all if the info needed is in the picture Problem 12-21 (c)(LO. 2) Sigfrid has a...
all
if the info needed is in the picture
Problem 12-21 (c)(LO. 2) Sigfrid has a tentative general business credit of $78,000 for the current year. His net regular tax liability before the general business credit is $162,000, and his tentative minimum tax is $29,000. Complete the statements below that outline Sigfrid's limitation on the general business credit Sigfrid's general business credit is limited to his net income tax reduced by the of his tentative minimum tax or % of...
Elsie has a tentative general business credit of $65,000 for the current year. Her net regular...
Elsie has a tentative general business credit of $65,000 for the current year. Her net regular tax liability before the general business credit is $145,000, and her tentative minimum tax is $101,000. 1. Complete the statements below that outline Elsie's limitation on the general business credit. Elsie's general business credit is limited to her net income tax reduced by the greater of her tentative minimum tax or 25 % of the net regular tax liability that exceeds $. _________ Therefore, Elsie's...
Problem 12-22 (Algorithmic) (LO. 2) Oak Corporation holds the following general business credit carryovers: 2015 2016...
Problem 12-22 (Algorithmic) (LO. 2) Oak Corporation holds the following general business credit carryovers: 2015 2016 $14,000 42,000 15,000 2017 2018 46,000 Total carryovers $117,000 Oak's general business credit generated by 2019 activities equals $93,600 and the total credit allowed during the current year is $168,000 (based on tax liability). a. Enter the amount (if any) of each year's carryover utilized in 2019, Amount of Carryover Utilized Year 2015 2016 2017 2018 2019
2. Which of the following best describes the treatment applicable to general business credits earned in...
2. Which of the following best describes the treatment applicable to general business credits earned in a year in excess of the maximum allowable credit for the year? a. Unused amounts are carried forward indefinitely. b. Unused amounts are first carried back one year and then forward for 10 years. c. Unused amounts are first carried back one year and then forward for 20 years. d. Unused amounts are first carried back three years and then carried forward for 15...
Exercise 3-21 (Algorithmic) (LO. 7) Simon, age 12, generates $6,320 interest income and no earned income...
Exercise 3-21 (Algorithmic) (LO. 7) Simon, age 12, generates $6,320 interest income and no earned income for 2018. He incurs no investment expenses. Click here to access the 2018 tax rate schedule and 2018 Estate and Trust Tax Rate Schedule. If required, round the tax liability the nearest dollar. a. Simon's net unearned income. $ b. Simon's total Federal income tax liability. $
Problem 12-21 (a) (LO. 2) Elsie has a tentative general business credit of $65,000 for the current year. Her net regular tax liability before the general business credit is $145,000, and her tentative minimum tax is $101.000. Complete the statements below that outline Elsie's limitation on the general business credit. of her tentative minimum tax or Elsie's general business credit is limited to her net income tax reduced by the % of the net regular tax liability that exceeds $...
Problem 12-21 (b) (LO. 2) Genevieve has a tentative general business credit of $12,000 for the current year. Her net regular tax liability before the general business credit is $23,000, and her tentative minimum tax is $18,000. Complete the statements below that outline Genevieve's limitation on the general business credit. of her tentative minimum tax or Genevieve's general business credit is limited to her net income tax reduced by the % of the net regular tax liability that exceeds $...
all
if the info needed is in the picture
Problem 12-21 (c)(LO. 2) Sigfrid has a tentative general business credit of $78,000 for the current year. His net regular tax liability before the general business credit is $162,000, and his tentative minimum tax is $29,000. Complete the statements below that outline Sigfrid's limitation on the general business credit Sigfrid's general business credit is limited to his net income tax reduced by the of his tentative minimum tax or % of...
Problem 12-22 (Algorithmic) (LO. 2) Oak Corporation holds the following general business credit carryovers: 2015 2016 $14,000 42,000 15,000 2017 2018 46,000 Total carryovers $117,000 Oak's general business credit generated by 2019 activities equals $93,600 and the total credit allowed during the current year is $168,000 (based on tax liability). a. Enter the amount (if any) of each year's carryover utilized in 2019, Amount of Carryover Utilized Year 2015 2016 2017 2018 2019
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