Verisimtitude, Inc had regular tax due of $35,000 for 2018. It also had $60,000 of AMT...
Verisimtitude, Inc had regular tax due of $35,000 for 2018. It also had $60,000 of AMT credit carried forward from prior years and available in 2018 .What is the amount of its AMT credit that can be claimed in 2018?
a. $35,000
b $47,500
c. $60,000
d. $ 65,000
Homework Answers
The answer is option a - $ 35,000
Because the regular tax due is $ 35,000 so the AMT credit can be claimed to the extent of regular tax and balance of AMT will carried forward to future years. Hence, the $ 35,000 is correct.
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