Explain the Carryover Provisions of the Minimum Tax Credit

question 11

Essay

Explain the carryover provisions of the minimum tax credit.

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Definitions:

Gratuitous Promise

A commitment or pledge made without expecting anything in return, often unenforceable in contract law.

Consideration

The benefit, interest, or value that must be exchanged between parties in a contract to make it legally binding.

Liable

Legally responsible for an action or outcome, often involving the obligation to make restitution or compensation.

Voluntary Basis

Participation or action taken by an individual or entity without coercion, typically without expectation of payment.