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Posted by Ted on May 28, 2008, 12:44 pm
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I invested in a small NYS company that qualified for a 20% QETC credit. (I
got a 20% credit on my NYS income tax.)
Does the credit affect my basis on my federal return? state return?
To be more specific, I invested $100k and got a $20k credit. Is my basis
$100k or $80k? I expect I will actually end up losing money on the
investment, if that matters.
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