Problem 11-22 (Algo) [LO 11-5) Callen Incorporated has accumulated minimum tax credits of $1.36 million from...

  

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Problem 11-22 (Algo) [LO 11-5) Callen Incorporated has accumulated minimum tax credits of $1.36 million from tax years prior to 2018. The following are Callen's regular tax before credits for 2018 through 2021. 2018 2019 2020 2021 Regular tax before credits $ 130,000 $ 150,000 $ 120,000 $50,500 Required: a. Complete the following table to calculate Callen's allowable minimum tax credit each year under the TCJA rules prior to enactment of the CARES Act. b. Complete the following table to calculate Callen's allowable minimum tax credit each year under the CARES Act rules, assuming Callen does not adopt the quickle 2018 refund option. Required A Required B Complete the following table to calculate Callen's allowable minimum tax credit each year under the TCJA rules prior to enactment of the CARES Act. (Negative amounts should be indicated by a minus sign. Enter your answers in whole dollars not in millions.) Nonrefundable portion of minimum tax credit Refundable portion of minimum tax credit Total minimum tax credit used 2018 < Required A 2019 2020 Required B > 2021 Problem 11-22 (Algo) [LO 11-5) Callen Incorporated has accumulated minimum tax credits of $1.36 million from tax years prior to 2018. The following are Callen's regular tax before credits for 2018 through 2021. 2018 2019 2020 2021 $ 130,000 $150,000 $120,000 $50,500 Regular tax before credits Required: a. Complete the following table to calculate Callen's allowable minimum tax credit each year under the TCJA r of the CARES Act. rior to enactment b. Complete the following table to calculate Callen's allowable minimum tax credit each year under the CARES Act rules, assuming Callen does not adopt the quickle 2018 refund option. Required A Required B Complete the following table to calculate Callen's allowable minimum tax credit each year under the CARES Act rules, assuming Callen does not adopt the quickie 2018 refund option. (Negative amounts should be indicated by a minus sign. Enter your answers in whole dollars not in millions.) Nonrefundable portion of minimum tax credit Refundable portion of minimum tax credit Total minimum tax credit used 2018 < Required A 2010 2020 Required > 2021 Problem 11-22 (Algo) [LO 11-5) Callen Incorporated has accumulated minimum tax credits of $1.36 million from tax years prior to 2018. The following are Callen's regular tax before credits for 2018 through 2021. 2018 2019 2020 2021 Regular tax before credits $ 130,000 $ 150,000 $ 120,000 $50,500 Required: a. Complete the following table to calculate Callen's allowable minimum tax credit each year under the TCJA rules prior to enactment of the CARES Act. b. Complete the following table to calculate Callen's allowable minimum tax credit each year under the CARES Act rules, assuming Callen does not adopt the quickle 2018 refund option. Required A Required B Complete the following table to calculate Callen's allowable minimum tax credit each year under the TCJA rules prior to enactment of the CARES Act. (Negative amounts should be indicated by a minus sign. Enter your answers in whole dollars not in millions.) Nonrefundable portion of minimum tax credit Refundable portion of minimum tax credit Total minimum tax credit used 2018 < Required A 2019 2020 Required B > 2021 Problem 11-22 (Algo) [LO 11-5) Callen Incorporated has accumulated minimum tax credits of $1.36 million from tax years prior to 2018. The following are Callen's regular tax before credits for 2018 through 2021. 2018 2019 2020 2021 $ 130,000 $150,000 $120,000 $50,500 Regular tax before credits Required: a. Complete the following table to calculate Callen's allowable minimum tax credit each year under the TCJA r of the CARES Act. rior to enactment b. Complete the following table to calculate Callen's allowable minimum tax credit each year under the CARES Act rules, assuming Callen does not adopt the quickle 2018 refund option. Required A Required B Complete the following table to calculate Callen's allowable minimum tax credit each year under the CARES Act rules, assuming Callen does not adopt the quickie 2018 refund option. (Negative amounts should be indicated by a minus sign. Enter your answers in whole dollars not in millions.) Nonrefundable portion of minimum tax credit Refundable portion of minimum tax credit Total minimum tax credit used 2018 < Required A 2010 2020 Required > 2021

Answer rating: 100% (QA)

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