Oak Corporation holds the following general business credit carryovers. 2009..........................$ 5,000 2010...........................15,000 2011...........................6,000 2012..........................19,000 Total carryovers...........$45,000 If

Question:

Oak holds the following general business credit carryovers.
2009..........................$ 5,000
2010...........................15,000
2011...........................6,000
2012..........................19,000
Total carryovers...........$45,000
If Oak's general business credit generated by 2013 activities equals $36,000 and the total credit allowed during the current year is $60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2013 income tax liability? What is the amount of unused credit carried forward to 2014?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...