for the tax year, Carlson inc. had regular tax of $100 million, and current year general...
for the tax year, Carlson inc. had regular tax of $100 million, and current year general business credit components of $50 million. What is Carlson's general business credit for the tax year?
Homework Answers
General business credit is defined as the difference between business credit components of current year or previous year from the tax directly.
From the given scenario we infer that :
regular tax for tax year = $ 100 million
Current year general business credit = $50 million
Hence Carlson's general business credit for tax year = 100-50 = $50 million
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