XPO Corporation Has a Minimum Tax Credit of $51,000 from 2013

question 48

Multiple Choice

XPO Corporation has a minimum tax credit of $51,000 from 2013. If its 2014 tentative minimum tax is $211,000 and its regular tax liability is $250,000, what is its minimum tax credit carryover to 2015?

• A) $51,000
• B) $39,000
• C) $12,000
• D) $0

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Definitions:

Replication

The method whereby a double-helix DNA molecule replicates itself to create two duplicate DNA molecules.

DNA Polymerase

An enzyme that plays a critical role in DNA replication, facilitating the synthesis of a new strand of DNA by adding nucleotides matched to the template strand.

Adds Nucleotides

A process that involves the addition of nucleotide units to a nucleic acid molecule such as DNA or RNA.

Diploid

A cell or organism that has two sets of chromosomes, one from each parent, typical of somatic cells.