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:

Neutral Text

Written material that is designed to be unbiased and without conveying any strong emotions or opinions.

Sad Voice

A vocal tone that conveys sadness, often characterized by lower pitch, slower speech, and subdued volume.

Emotional Support

Providing empathy, care, love, and reassurance to someone which aids in their emotional and psychological well-being.

Facial Gestures

Non-verbal communications through movements or expressions made by the face, such as smiling or frowning.