ACC 4301 ACC4301 Chapter 13 Homework Problem Solutions (University of Houston)

ACC 4301 ACC4301 Chapter 13 Homework Problem Solutions (University of Houston)

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ACC 4301 Chapter 13 Homework Problem Solutions (University of Houston)

28.Charles’s allowable general business credit for the year is limited to $19,000, determined as follows:

Net income tax $107,000*

Less: The greater of:

$88,000 (tentative minimum tax)

$20,500 [25% × ($107,000 − $25,000)]   (88,000)

Amount of general business credit allowed $  19,000 

*Net income tax = $107,000 (regular tax liability) + $0 [alternative minimum tax ($88,000 tentative minimum tax − $107,000 regular tax liability)] − $0 (nonrefundable credits).

29.2014 general business credit $36,000

etc.


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