Borough, Inc. is entitled to a rehabilitation credit of $500,000 for its current tax year. The corporation's regular tax liabilitybefore credits 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 $500,000 current year credit equals 1/5 th 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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