Homework Answers
Sigfrid's general business credit is limited to his net income
tax reduced by the Greater of his tentative
minimum tax or 25% of the net regular tax
liability that exceeds $25000
Therefore, Sigfrid's allowance general business credit for the year
is $127750
Computation of General Business Credit allowed
| Particulars | Amount ($) | |
| Net Income Tax | $162000 | |
| Less: Greater of the following: | ||
| a) Tentative minimum tax | $29000 | |
| b) 25% X ($162000 - 25000) | $34250 | ($34250) |
| General Business credit allowed | $127750 |
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