General Business Credit

[PAULHA]

Discussion:GENERAL BUSINESS CREDIT

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.






Discussion Forum Index --> Basic Tax Questions --> GENERAL BUSINESS CREDIT


Discussion Forum Index --> Tax Questions --> GENERAL BUSINESS CREDIT





PAULHA (talk|edits) said:

20 August 2011




I have a client that is a 1/3 partner in an Eligble Small Business partnership. The first year of the partnership was 2009.
The t/p's return for 2010 has been extended due to the fact the K-1 was not ready. The other day I received the final K-1 for the year 2010 and this year the partnership is eligble for the R&D credit and the amount passed through to the t/p is $9,000. This is the only business credit passed through to the t/p for 2010. There were no general business credits passed through for 2009.

I have determined the taxable income that is attributable to the partner's interest in the partnership. Based upon my calculation the partner has an unused general business credit of $6,225 for 2010.

I have read the Form 3800 instructions and applicable code sections regarding the general business credit. Based upon my understanding the t/p can carryback the unused credit to 2009 and apply it to the partners attributable taxable income tax for that year via a Form 1040X.Is my thought process correct here????

I am a small sole practitioner and this is my first experience with the general business credit and the carryback provision-want to get it right.

Thank you in advance


Tax Pro Reply to discussion:





Summary:
Watch this discussion





Categories: Basic Tax Questions | Tax Questions






Discussion
Edit this page
History
Move
Bookmark this page




PAULHA
My talk
My preferences
My watchlist
My contributions
Log out




Navigation

Main Page
Discussion Forums
Research Resources
Start new Article
Community portal
Current events
Recent changes
Help
Advanced Search


Search



Help


Toolbox

What links here
Related changes
Upload file
Special pages
Printable version
Permanent link







Discussion Forums

All Topics
Acctg. Questions
Bus. Growth
Categorization
General Chat
Tax Tips
Tax Questions
Feedback
Test Area
Introductions


Intuit Resources

ProSeries Tax Software
Lacerte Professional Tax Preparation Software
QuickBooks Products for Accountants
Tax & Accounting Software Training
Tax Practice Management Tools
Newsletter for Accounting & Tax Professionals






This page was last modified on 20 August 2011, at 18:40.
This page has been accessed 17 times.

Privacy policy
About TaxAlmanac
Disclaimers

[JG EA]

Okay, my head hurts again. What was that?

[erchess]

Her Question

I have a client that is a 1/3 partner in an Eligble Small Business partnership. The first year of the partnership was 2009. The t/p's return for 2010 has been extended due to the fact the K-1 was not ready. The other day I received the final K-1 for the year 2010 and this year the partnership is eligble for the R&D credit and the amount passed through to the t/p is $9,000. This is the only business credit passed through to the t/p for 2010. There were no general business credits passed through for 2009.

I have determined the taxable income that is attributable to the partner's interest in the partnership. Based upon my calculation the partner has an unused general business credit of $6,225 for 2010.

I have read the Form 3800 instructions and applicable code sections regarding the general business credit. Based upon my understanding the t/p can carryback the unused credit to 2009 and apply it to the partners attributable taxable income tax for that year via a Form 1040X.Is my thought process correct here????

I am a small sole practitioner and this is my first experience with the general business credit and the carryback provision-want to get it right.

Thank you in advance