11-22 (Algo) [LO 11-5] corporated has accumulated minimum tax credits of $1.42 million from tax years prior to 2018. The follo before credits for 2018 through 2021. tax before credits 2018 2019 2020 2021 $ 160,000 $ 180,000 $ 150,000 $ 30,500 ce the following table to calculate Bangura's allowable minimum tax credit each year under the TCJA ru ent of the CARES Act. in
11-22 (Algo) [LO 11-5] corporated has accumulated minimum tax credits of $1.42 million from tax years prior to 2018. The follo before credits for 2018 through 2021. tax before credits 2018 2019 2020 2021 $ 160,000 $ 180,000 $ 150,000 $ 30,500 ce the following table to calculate Bangura's allowable minimum tax credit each year under the TCJA ru ent of the CARES Act. in
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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kai.9
![Problem 11-22 (Algo) [LO 11-5]
Bangura, Incorporated has accumulated minimum tax credits of $1.42 million from tax years prior to 2018. The following are Bangura's
regular tax before credits for 2018 through 2021.
2019
2018
$ 160,000 $ 180,000
Regular tax before credits
Required:
a. Complete the following table to calculate Bangura's allowable minimum tax credit each year under the TCJA rules prior to
enactment of the CARES Act.
Nonrefundable portion of minimum tax credit
Refundable portion of minimum tax credit
Total minimum tax credit used
2020
$ 150,000
b. Complete the following table to calculate Bangura's allowable minimum tax credit each year under the CARES Act rules, assuming
Callen does not adopt the quickie 2018 refund option.
Required A Required B
Complete the following table to calculate Bangura's allowable minimum tax credit each year under the CARES Act rules,
assuming Callen does not adopt the quickie 2018 refund option.
Note: Negative amounts should be indicated by a minus sign. Enter your answers in whole dollars not in millions.
2018
< Required A
2021
$ 30,500
2019
Required >
2020
2021](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F07068ef2-65b7-40dc-b794-dfaaa6d1a4ae%2F96872760-45a3-4015-8f52-aded9c18cc13%2Fwup6oa8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 11-22 (Algo) [LO 11-5]
Bangura, Incorporated has accumulated minimum tax credits of $1.42 million from tax years prior to 2018. The following are Bangura's
regular tax before credits for 2018 through 2021.
2019
2018
$ 160,000 $ 180,000
Regular tax before credits
Required:
a. Complete the following table to calculate Bangura's allowable minimum tax credit each year under the TCJA rules prior to
enactment of the CARES Act.
Nonrefundable portion of minimum tax credit
Refundable portion of minimum tax credit
Total minimum tax credit used
2020
$ 150,000
b. Complete the following table to calculate Bangura's allowable minimum tax credit each year under the CARES Act rules, assuming
Callen does not adopt the quickie 2018 refund option.
Required A Required B
Complete the following table to calculate Bangura's allowable minimum tax credit each year under the CARES Act rules,
assuming Callen does not adopt the quickie 2018 refund option.
Note: Negative amounts should be indicated by a minus sign. Enter your answers in whole dollars not in millions.
2018
< Required A
2021
$ 30,500
2019
Required >
2020
2021
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