kai.9 Problem 11-22 (Algo) [LO 11-5]Bangura, Incorporated has accumulated minimum tax credits of $1.42 million from tax years prior to 2018. The following are Bangura'sregular tax before credits for 2018 through 2021.20192018$ 160,000 $ 180,000Regular tax before creditsRequired:a. Complete the following table to calculate Bangura's allowable minimum tax credit each year under the TCJA rules prior toenactment of the CARES Act.Nonrefundable portion of minimum tax creditRefundable portion of minimum tax creditTotal minimum tax credit used2020$ 150,000b. Complete the following table to calculate Bangura's allowable minimum tax credit each year under the CARES Act rules, assumingCallen does not adopt the quickie 2018 refund option.Required A Required BComplete 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 A2021$ 30,5002019Required >20202021

The minimum tax credit makes sure that companies pay a certain percentage of taxes to the…

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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