Assignment task:
You just completed an individual return and provided it to your Reviewer. He states that the partner just advised him that he forgot to tell you that the Client bought a Tesla 3 (a qualified Manufacturer) and that you need to see if such a purchase would qualify for a tax credit of some type. Assume it is finally assembled in North America. Assume the Cost is $60,000 and the weight is 2200 Kg. You just calculated the return without the consideration of any credit and the client files MFJ and has a modified AGI of $270,000. Your reviewer says you should see if the IRS has a Clan Vehicle Credit Reference Chart.
1. Which Code sections and IRS Publications cover the Clean Vehicle Credit?
2. What Form or forms are associated with the Clean Vehicle Credit expenses
3. Using the facts provided, Fill out and up load the Forms to obtain the maximum credits available for the Client.