07 Apr Answer should at least be 400 wordsSam and her hus
Answer should at least be 400 wordsSam and her husband John, were very creative- They turned their little company (a C Corporation) that was ready to close down, and realized their machinery could produce equipment (PPE) and face masks for hospitals, health care workers and consumers. The company made over $2,000,000 this year through July 31st. This will all be taxable income.You will suggest to Sam and John what they might do before the end of the year to reduce their tax liability. Among your suggestions (and you may have others of your own) is that they meet Ethan who has worked for a company for over 30 years that designs and develops research and development tax credits that reduce taxable income.1. Explain to Sam and John how these credits work2. How are the amounts determined3. What are your authorities (primary and secondary) that make you feel comfortable (OR NOT!)
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