P-S Is an Affiliated Group That Files a Consolidated Tax

question 49

Essay

P-S is an affiliated group that files a consolidated tax return.For the current year,P has separate taxable income of $350,000 and S's separate taxable loss is $150,000.The group can take a tentative $50,000 consolidated general business credit.If the group's regular tax liability is $61,250 and their tentative minimum tax liability is $34,500,what is their general business credit limitation? The only difference between their taxable income and AMTI is the statutory exemption.

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Definitions:

Infanticide Rate

The statistical measure indicating the frequency of infant deaths intentionally caused by an act of commission or omission by others within a specified population or area.

Suicide Rate

The number of suicides occurring within a given population during a specified period of time, usually per 100,000 individuals per year.

Family Link

A technology solution or program designed to connect family members through digital means, often aimed at ensuring safety or fostering communication.