P-s is an affiliated group that files a consolidated tax, Financial Accounting

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P-s is an affiliated group that files a consolidated tax

P-S is an affiliated group that files a consolidated tax return. For the current year, P has separate taxable income of $350,000 and S's separate taxable loss is $150,000. The group can take a tentative $50,000 consolidated general business credit. If the group's regular tax liability is $61,250 and their tentative minimum tax liability is $34,500, what is their general business credit limitation? The only difference between their taxable income and AMTI is the statutory exemption?

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Financial Accounting: P-s is an affiliated group that files a consolidated tax

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