29. LO.2 Oak Corporation has the following general business credit carryovers: 2009 $ 5,000 2010 15,000 2011
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29. LO.2 Oak Corporation has the following general business credit carryovers:
2009 $ 5,000 2010 15,000 2011 6,000 2012 19,000 Total carryovers $45,000 If the general business credit generated by activities during 2013 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?
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Related Book For
South-Western Federal Taxation 2014 Corporations Partnerships Estates And Trusts
ISBN: 9781285424484
37th Edition
Authors: William H. Hoffman Jr., William A. Raabe, James E. Smith, David M. Maloney, James C. Young
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