Prior to consideration of tax credits, Clarence's regular income tax liability is $200,000 and his tentative minimum tax TMT) is $180,000. Clarence holds nonrefundable business tax credits of $35,000. His tax liability is $165,000.

Name: Prior to consideration of tax credits, Clarence's regular income tax liability is $200,000 and his tentative minimum tax TMT) is $180,000. Clarence holds nonrefundable business tax credits of $35,000. His tax liability is $165,000.
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The Answer is False

Prior to Consideration of Tax Credits, Clarence's Regular Income Tax