Ivan Has Generated the Following Taxes and Credits This Year

question 16

Essay

Ivan has generated the following taxes and credits this year:
$\begin{array}{lc}\text { Regular tax } & \$ 38,000 \\\text { Tentative minimum tax } & 28,000 \\\text { Dependent care credit } & 1,200 \\\text { Lifetime Learning credit } & 800 \\\text { General business credits } & 35,000\end{array}$ How much general business credit will he apply to the current year tax liability?

---

Definitions:

Policy Statements

Official documents that outline the principles and guidelines governing the actions and decisions of an organization.

Legal Documents

Official papers that record agreements, rights, or obligations, and are enforceable by law, such as contracts, wills, and deeds.

Verbatim

In the exact words; a precise reproduction of spoken or written words.

Encouraging Note

A written message intended to give someone support, confidence, or hope.