Callen Incorporated has accumulated minimum tax credits of $1.34 million from tax years prior to 2018. The following are Callen's regular tax before credits for 2018 through 2021. Regular tax before credits Required: a. Complete the following table to calculate Callen's allowable minimum tax credit each year under the TCJA rules prior to enactment of the CARES Act. b. Complete the following table to calculate Callen'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 2018 2019 2020 2021 $ 120,000 $ 140,000 $ 110,000 $ 62,000 Complete the following table to calculate Callen's allowable minimum tax credit each year under the TCJA rules prior to enactment of the CARES Act. (Negative amounts should be indicated by a minus sign. Enter your answers in whole dollars not in millions.) Nonrefundable portion of minimum tax credit Refundable portion of minimum tax credit Total minimum tax credit used Required A Required B Nonrefundable portion of minimum tax credit Refundable portion of minimum tax credit Total minimum tax credit used 2018 < Required A 2018 2019 < Required A Complete the following table to calculate Callen's allowable minimum tax credit each year under the CARES Act rules, assuming Callen does not adopt the quickie 2018 refund option. (Negative amounts should be indicated by a minus sign. Enter your answers in whole dollars not in millions.) Required B > 2020 2019 2020 Required B > 2021 2021
Callen Incorporated has accumulated minimum tax credits of $1.34 million from tax years prior to 2018. The following are Callen's regular tax before credits for 2018 through 2021. Regular tax before credits Required: a. Complete the following table to calculate Callen's allowable minimum tax credit each year under the TCJA rules prior to enactment of the CARES Act. b. Complete the following table to calculate Callen'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 2018 2019 2020 2021 $ 120,000 $ 140,000 $ 110,000 $ 62,000 Complete the following table to calculate Callen's allowable minimum tax credit each year under the TCJA rules prior to enactment of the CARES Act. (Negative amounts should be indicated by a minus sign. Enter your answers in whole dollars not in millions.) Nonrefundable portion of minimum tax credit Refundable portion of minimum tax credit Total minimum tax credit used Required A Required B Nonrefundable portion of minimum tax credit Refundable portion of minimum tax credit Total minimum tax credit used 2018 < Required A 2018 2019 < Required A Complete the following table to calculate Callen's allowable minimum tax credit each year under the CARES Act rules, assuming Callen does not adopt the quickie 2018 refund option. (Negative amounts should be indicated by a minus sign. Enter your answers in whole dollars not in millions.) Required B > 2020 2019 2020 Required B > 2021 2021
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Callen Incorporated has accumulated minimum tax credits of $1.34 million from tax years prior to 2018. The following are Callen's
regular tax before credits for 2018 through 2021.
Regular tax before credits
Required:
a. Complete the following table to calculate Callen's allowable minimum tax credit each year under the TCJA rules prior to enactment
of the CARES Act.
b. Complete the following table to calculate Callen'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
2018
2019
2020
2021
$ 120,000 $ 140,000 $ 110,000. $ 62,000
Complete the following table to calculate Callen's allowable minimum tax credit each year under the TCJA rules prior to
enactment of the CARES Act. (Negative amounts should be indicated by a minus sign. Enter your answers in whole dollars not
in millions.)
Required A
Nonrefundable portion of minimum tax credit
Refundable portion of minimum tax credit
Total minimum tax credit used
Required B
Nonrefundable portion of minimum tax credit
Refundable portion of minimum tax credit
Total minimum tax credit used
2018
< Required A
2018
2019
< Required A
Complete the following table to calculate Callen's allowable minimum tax credit each year under the CARES Act rules,
assuming Callen does not adopt the quickie 2018 refund option. (Negative amounts should be indicated by a minus sign.
Enter your answers in whole dollars not in millions.)
Required B >
2020
2019
2020
Required B >
2021
2021
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