Accounting

In the current year, Simon Cho (4588 Norris Avenue, St. Charles, IL 60174) acquires a qualifying historic structure for $250,000 (excluding the cost of the land) and plans to substantially rehabilitate the structure. He is planning to spend either $245,000 or $255,000 on rehabilitation expenditures.

Write a letter to Simon and a memo for the tax files explaining, for the two alternative expenditures,

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(1) the computation that determines the rehabilitation expenditures tax credit available to Simon,

(2) the effect of the credit on Simon’s adjusted basis in the property, and (3) the cash-flow differences as a result of the tax consequences related to his expenditure choice. ETHICS AND

Connie has a tentative general business credit of $42,000 for the current year. Her net regular tax liability before the general business credit is $107,000, and her tentative minimum tax is $88,000.

Compute Connie’s allowable general business credit for the year.

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