general_business_credit - Part 2 Falcon Corporation’s...

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Topic: General business credit Part 1 : 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. Talon has no other tax credits. Required : Compute Talon’s general business credit for the current tax year.
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Unformatted text preview: Part 2 : Falcon Corporation’s general business credit for the current year is $85,000. Falcon’s net regular tax liability is $107,000, and its tentative minimum tax is $88,000. Required : Compute Falcon’s general business credit for the current tax year....
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