Oak Corporation holds the following general business credit carryovers. 2012.................................$ 5,000 2013..................................15,000 2014...................................6,000 2015.................................19,000 Total carryovers............$45,000 If

Question:

Oak Corporation holds the following general business credit carryovers.

2012.................................$ 5,000

2013..................................15,000

2014...................................6,000

2015.................................19,000

Total carryovers............$45,000

If Oak's general business credit generated by 2016 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 2016 income tax liability? What is the amount of unused credit carried forward to 2017?

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...