Discuss the limitations that have been imposed on the general business tax credit, including the following: a.
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a. Overall ceiling limitation based on the tax liability
b. Priority of general business and personal credits
c. Carryback and carryover of unused credits (including the application of the FIFO method)
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a The general business credit may not exceed the smaller of 1 net income tax minus the tentative AMT ...View the full answer
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Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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