See Special Enrollment Exam Quiz
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SEE PART 1: INDIVIDUALS
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A taxpayer has a $12,000 general business credit carryforward from a 2005 credit that will expire if not used in 2025. The taxpayer also has a $20,000 general business credit arising in 2025. The general business credit limitation for 2025 is $25,000, and the taxpayer has no other carryovers or carrybacks.
How much of the 2005 credit carryforward may be claimed on the 2025 return?
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