dwayne has general business credits totalling 30k before limitation. his regular Tax Liability is 83k and his tentative min tax is 79k. what amt of gen business credit can dwayne take this year?a)4kb)14500c)25kd)30k
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d) 30k. Under current law, the general business credit can offset both regular tax and AMT. Prior to 2010, the general business credit could only offset regular tax, so the answer would have been 4k.
17 years experience in business and individual taxation specializing in small business and farming