Question: Discuss the limitations that have been imposed on the general business tax credit, including the following: a. Overall ceiling limitation based on the tax liability

Discuss the limitations that have been imposed on the general business tax credit, including the following:
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 full answer

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