A scenario: If an employee has a general business credit (GBC) of $110,000 in 2004. Net Income tax is $125,000. Net regular tax liability before GBC is $125,000. Tenative minimum tax is $100,000. What would be the current allowable GBC for the year? I came up with $25,000 ($125,000 - $100,000). Did I answer this question correctly? Thanks
