Balm, Inc., has a general business credit for 2022 of $90,000. Balms regular income tax liability before
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Balm, Inc., has a general business credit for 2022 of $90,000. Balm’s regular income tax liability before credits is $140,000, and its tentative AMT is $132,000. Calculate the amount of general business credit Balm can use in 2022, and calculate its general business credit carryback and carryforward, if any.
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The limitation on the general business credit that is allowed for 20...View the full answer
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Ashok Kumar Malhotra
Chartered Accountant - Accounting and Management Accounting for 15 years.
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Related Book For 
South Western Federal Taxation 2023 Essentials Of Taxation Individuals And Business Entities
ISBN: 9780357720103
26th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young
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