Borough,Inc.is entitled to a rehabilitation credit of $500,000 for its current tax year.The corporation's regular tax liability is $450,000.No estimated tax payments have been made.Which of the following statements is true?
A) The corporation should receive a tax refund for the current year.
B) The portion of the rehabilitation credit that cannot be used this year will be lost.
C) The current year credit equals 20 percent of the total credit allowed for rehabilitation of a certified historic structure.
D) The credit is available for restoration of a building that is at least ten years old.
Correct Answer:
Verified
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