Balm, Inc., has a general business credit for 2018 of $90,000. Balm's regular income tax liability before

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Balm, Inc., has a general business credit for 2018 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 2018, and calculate its general business credit carryback and carryforward, if any.

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South-Western Federal Taxation 2019 Essentials Of Taxation Individuals And Business Entities

ISBN: 9781337702966

22nd Edition

Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney

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