Callen Inc. had accumulated minimum tax credits of $1.37 million from tax years prior to 2018. For 2018, its regular tax before credits was $135,000. For 2019, its regular tax before credits was $155,000. If Callen does not elect the quickie refund options provided by the CARES Act with respect to 2018 minimum tax credits, determine the total amount of minimum tax credit it would claim in 2018 and 2019?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Callen Inc. had accumulated minimum tax credits of $1.37 million from tax years prior to 2018. For 2018, its regular tax before credits was $135,000. For 2019, its regular tax before credits was $155,000. If Callen does not elect the quickie refund options provided by the CARES Act with respect to 2018 minimum tax credits, determine the total amount of minimum tax credit it would claim in 2018 and 2019?

 

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