general_business_credit - Talon has no other tax credits...

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General business credit Talon Corporation’s general business credit for the current year is $70,000. Talon’s net income tax is $150,000, tentative minimum tax is $130,000, and net regular tax liability is $150,000.
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Unformatted text preview: Talon has no other tax credits. Required : Compute Talon’s general business credit for the current tax year. Talon’s general business credit for the year is limited to $20,000, determined as follows:...
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