C is corrent. The general business credit is a combination of several credits that provide uniform rules for current and carryback-carryover years. The general business credit is composed of numerous credits including the investment credit, work opportunity credit, alcohol fuels credit, research credit, low-income housing credit, enhanced oil recovery credit, disabled access credit, renewable electricity production credit, empowerment zone employment credit, Indian employment credit, employer social security credit, orphan drug credit, the new markets credit, the small employer pension plan start-up costs credit, and the employer-provided child care credit. A general business credit in excess of the limitation amount is carried back 1 year and forward 20 years to offset tax liability in those years.
A is incorrect. The alcohol fuels credit is a component of the general business credit.
B is incorrect. The work opportunity credit is a component of the general business credit.
D is incorrect. The disabled access credit is a component of the general business credit.
|
