Homework Answers
Question - Dawson Inc., had regular tax due of $35000 for the tax year ending December 2018. It also had $60000 of AMT credit carried forward from prior year and available in 2018. what is the amount of the AMT credit that can be claimed in 2018?
Answer -
The new tax act allows C corporations to fully use their credit carryovers to:
- Reduce or eliminate regular tax liability.
- Obtain tax refunds to the extent the AMT credit carryovers are greater than regular tax liability.
In the given case,
The amount of the AMT credit that can be claimed in 2018 = $60000 [that is full amount of AMT credit carried forward from prior year and available in 2018].
Hence, Option - (C) is Correct.
.
Question - Dione is a general partner who owns 50% interest in Love First Enterprises. Sammy is a limited partner who also owns 50%. The partnership has $50000 in recourse liabilities and $20000 in nonrecourse liabilities. What is Dione's total share of liabilities?
Answer -
Computation of the Dione's total share of liabilities -
= Recourse liabilities + Half of the Nonrecourse liabilities
= $50000 + [($20000) / 2]
= $60000.
Hence, Option - (C) is Correct.
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