Which one of the following does not describe the minimum tax credit?
A)Indefinite carryforward
B)Will never become a refundable credit
C)Offsets any future regular tax liability
D)Referred to as the adjusted net minimum tax

Question

Quizplus · Accepted Answer

The minimum tax credit can become a refundable credit if certain conditions are met, such as being in a low-income bracket or having alternative minimum tax (AMT) liability in previous years. Therefore, B is the only option that does not describe the minimum tax credit. A describes the indefinite carryforward of unused credit, C describes the ability of the credit to offset future regular tax liability, and D is another name for the credit (adjusted net minimum tax).

Which One of the Following Does Not Describe the Minimum