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Steve Records a Tentative General Business Credit of $110,000 for the Current

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Steve records a tentative general business credit of $110,000 for the current year. His net regular tax liability before the general business credit is $125,000, and his tentative minimum tax is $100,000. Compute Steve's allowable general business credit for the year.


Definitions:

Lewis and Clark

Explorers Meriwether Lewis and William Clark, who led the early 19th-century expedition across the western portion of the United States, commissioned by President Thomas Jefferson.

Sacajawea

A Lemhi Shoshone woman who helped the Lewis and Clark Expedition achieve their chartered mission objectives by exploring the Louisiana Territory.

Shoshone Indian

A member of a Native American tribe originally living in the western United States.

Pacific Ocean

The biggest and most profound ocean on Earth, situated between the Americas in the east and Asia and Australia in the west.

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