2. Which of the following best describes the treatment applicable to general business credits earned in a

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2. Which of the following best describes the treatment applicable to general business credits earned in a year in excess of the maximum allowable credit for the year?

a. Unused amounts are carried forward indefinitely.

b. Unused amounts are first carried back one year and then forward for 10 years.

c. Unused amounts are first carried back one year and then forward for 20 years.

d. Unused amounts are first carried back three years and then carried forward for 15 years.

e. Unused credits must be carried back two years unless the taxpayer elects to carry the credits forward only.

Related Book For answer-question

Auditing and Assurance Services A Systematic Approach

ISBN: 978-1259162343

9th edition

Authors: William Messier, Steven Glover, Douglas Prawitt

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Posted Date: Feb 02, 2024 01:38 AM

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2. Which of the following best describes the treatment applicable to general business credits earned in a

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Auditing and Assurance Services A Systematic Approach

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