Which of the following tax credits cannot be claimed by a corporation? A. Alternative Fuel Production...
| Which of the following tax credits cannot be claimed by a corporation? | |
| A. | Alternative Fuel Production Credit. |
| B. | Foreign Tax Credit. |
| C. | General Business Credit. |
| D. | Earned Income Credit. |
Homework Answers
Answer : D.Earned Income Credit.
Explanation : Earned Income Credit. is a tax benefit for individulas or couples with moderate or low income . It is not applicable for corporations
Add Answer to:
Which of the following tax credits
cannot be claimed by a corporation?
A.
Alternative Fuel Production...
Question 1 Which of the following tax credits cannot be transferred to a spouse? The disability...
Question 1 Which of the following tax credits cannot be transferred to a spouse? The disability tax credit The pension income tax credit The age credit The CPP and EI tax credit Question 2 Which of the following relatives would not qualify to be claimed with the eligible dependent tax credit? Healthy grandfather age 65. Healthy mother age 56. Healthy brother age 25. Healthy daughter age 9. Question 3 A qualifying expenditure for the home accessibility tax credit would include:...
which of the following items may be claimed as a foreign tax credit? A,a non compolsuory...
which of the following items may be claimed as a foreign tax credit? A,a non compolsuory pmt to a foreign government B.a penalty C, a tax imposed on income D. a customs duty
ABC, Inc., a domestic corporation, owns 100% of HighTax, a foreign corporation. HighTax has $50,000,000 of...
ABC, Inc., a domestic corporation, owns 100% of HighTax, a foreign corporation. HighTax has $50,000,000 of undistributed E & P, all of which is attributable to general limitation income, and $30,000,000 of foreign income taxes paid. HighTax distributes a $5,000,000 dividend to ABC. The dividend, which is subject to a 5% foreign withholding tax, is ABC's only item of income during the year. The U.S. tax rate is 35%. a. ABC's deemed-paid taxes on the dividends are $, and the...
Jackson Corporation has accumulated minimum tax credits of $475,000 from tax years prior to 2018. If...
Jackson Corporation has accumulated minimum tax credits of $475,000 from tax years prior to 2018. If 2018 regular tax before credits is $210,000 and Jackson qualifies for general business credits of $13,000, calculate its allowable minimum tax credit for 2018.
Most refundable credits are reported on Schedule 5, but the following credits are reported directly on...
Most refundable credits are reported on Schedule 5, but the following credits are reported directly on Form 1040, Line 17: Choose one answer. a. Earned Income Credit, Child Tax Credit, Additional Child Tax Credit b. Child Tax Credit, Credit for Other Dependents, Energy Credit c. Child and Dependent Care Credit, Adoption Credit, Earned Income Credit d. Earned Income Credit, Additional Child Tax Credit, Refundable portion of American Opportunity Credit
Jackson Corporation has accumulated minimum tax credits of $475,000 from tax years prior to 2018. If 2018 regular tax be...
Jackson Corporation has accumulated minimum tax credits of $475,000 from tax years prior to 2018. If 2018 regular tax before credits is $210,000 and Jackson qualifies for general business credits of $13,000, calculate its allowable minimum tax credit for 2018. *Please show your computations
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be subtracted from A. Gross income to arrive at adjusted gross income. B. Adjusted gross income to arrive at taxable income. C. The tax owed, or can result in a refund, but only if the taxpayer had tax withheld from wages. D. The tax owed, or can result in a refund, even if the taxpayer had no tax withheld from wages. [2] Which of the...
Kasha's gross tax liability is $1,000. She is entitled to $200 of business credits. 5400 of...
Kasha's gross tax liability is $1,000. She is entitled to $200 of business credits. 5400 of the Child and Dependent Care Credit and $700 of Earned Income Credit. What is Kasha's tax refund or tax liability due after applying the credits? Select one: O a. $0 refund or taxes payable b. $1,000 taxes payable O c. $300 refund O d. $700 refund
"Tax Credits" Please respond to the following: • Choose at least two types of tax credits...
"Tax Credits" Please respond to the following: • Choose at least two types of tax credits allowed, and propose one change to each of the credits that would benefit all taxpayers. Justify your response. • Debate it! The earned income credit is fair and reasonable for all taxpayers. Provide a rationale for your response.
According to Publication 514, Foreign Tax Credit for Individuals, a U.S. nonresident alien taxpayer may qualify...
According to Publication 514, Foreign Tax Credit for Individuals, a U.S. nonresident alien taxpayer may qualify for the Foreign Tax Credit if they pay or accrue tax to a foreign country on income from foreign sources if which of the following is true? A) They have a diplomatic passport. B) They claim the Foreign Tax Credit as a treaty benefit. C) The income was earned in the year the green card test was met. D) The income is effectively connected...
Kasha's gross tax liability is $1,000. She is entitled to $200 of business credits. 5400 of the Child and Dependent Care Credit and $700 of Earned Income Credit. What is Kasha's tax refund or tax liability due after applying the credits? Select one: O a. $0 refund or taxes payable b. $1,000 taxes payable O c. $300 refund O d. $700 refund
"Tax Credits" Please respond to the following: • Choose at least two types of tax credits allowed, and propose one change to each of the credits that would benefit all taxpayers. Justify your response. • Debate it! The earned income credit is fair and reasonable for all taxpayers. Provide a rationale for your response.
Most questions answered within 3 hours.
-
She estimates the following model as Rent = β0 + β1 Bedroom + β2
Bath +...
asked 6 seconds from now -
Calcium dihydrogen phosphate, Ca(H2PO4)2, and sodium hydrogen
carbonate, NaHCO3, are ingredients of baking powder that react...
asked 7 minutes ago -
how can you efficiently determine the number of atoms
in a sample of an element?
asked 2 minutes ago -
a car starts from rest at a stop sign. It accelerates
at 4.4m/s² for 7.5s, coasts...
asked 23 minutes ago -
can you identify some rules of how R is calculated for a circuit
in series? For...
asked 15 minutes ago -
Design and implement your own linked list class to hold a sorted
list of integers in...
asked 23 minutes ago -
Write the balanced chemical equation for the reaction between
iodate and bisulfite. Does the order with...
asked 17 minutes ago -
Swissie Triangular Arbitrage. The following exchange rates are
available to you. (You can buy or sell...
asked 21 minutes ago -
1. Sketch the expected Mass Spectrum of Pentane (C5H12)
2. Draw the most stable Newman projection...
asked 27 minutes ago -
There are changes in the dynamics of a relationship of a family
when family takes on...
asked 29 minutes ago -
Prove that the following is a valid cumulative distribution
function
F(x) = x/(1+x) for a>=0
0...
asked 29 minutes ago -
Caculate the PH THANK YOU!
[OH−] = 1.9×10−7 M
[OH−] = 1.6×10−8 M
[OH−] = 7.2×10−11...
asked 40 minutes ago