Ivan Has Generated the Following Taxes and Credits This Year

question 56

Essay

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

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Definitions:

Health-Care Plan

A proposal or policy set forth by government or private entities to provide medical services to individuals or populations.

Welfare-Reform

Changes made to the public assistance system aimed at reducing dependency on government aid by promoting job preparation and work.

Contract With America

A legislative agenda advocated for by the Republican Party during the 1994 midterm elections, aiming to reshape U.S. federal government policies.

Whitewater Investigation

A political inquiry into real estate investments made by Bill and Hillary Clinton along with their associates in the Whitewater Development Corporation, leading to a broader investigation of the Clinton administration.