Walker Inc. has accumulated minimum tax credits of $740,000 from tax years prior to 2018. Below are Walker's regular tax before credits for 2018 through 2021.Complete the following table to calculate Walker's allowable minimum tax credit each year, assuming it does NOT make the quickie refund election provided by the CARES Act.
$\begin{array}{llr}
&2018&2019\
\text {Regular tax before credits } &\$ 50,000& \$ 60,000\
\text { Nonrefundable portion of minimum tax credit} &\
\text { Refundable portion of minimum tax credit } &\
\text {Total minimum tar aredit used } &\
\end{array}$

Question

Walker Inc. has accumulated minimum tax credits of $740,000 from tax years prior to 2018. Below are Walker's regular tax before credits for 2018 through 2021.Complete the following table to calculate Walker's allowable minimum tax credit each year, assuming it does NOT make the quickie refund election provided by the CARES Act.
 $\begin{array}{llr}
&2018&2019\
  \text {Regular tax before credits  } &\$ 50,000& \$ 60,000\
 \text {  Nonrefundable portion of minimum tax credit} &\
 \text { Refundable portion of minimum tax credit } &\
 \text {Total minimum tar aredit used   } &\
\end{array}$

Quizplus · Accepted Answer

The Answer of Walker Inc. has accumulated minimum tax credits of $740,000 from tax years prior to 2018. Below are Walker's regular tax before credits for 2018 through 2021.Complete the following table to calculate Walker's allowable minimum tax credit each year, assuming it does NOT make the quickie refund election provided by the CARES Act.
 $\begin{array}{llr}
&2018&2019\
  \text {Regular tax before credits  } &\$ 50,000& \$ 60,000\
 \text {  Nonrefundable portion of minimum tax credit} &\
 \text { Refundable portion of minimum tax credit } &\
 \text {Total minimum tar aredit used   } &\
\end{array}$