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March 24, 2017

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Lake Michigan Inc. excluded a $125,000 discharge of indebtedness from gross income. Before the exclusion, it had had an NOL of $95,000 and a general business credit carryforward of $60,000. How much of the general business credit must be reduced?

A-$60,000
B-$30,000
C-$10,000
D-$20,000

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