LO.2 Oak Corporation has the following general business credit carryovers: 2008 $ 5,000 2009 15,000 2010 6,000
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LO.2 Oak Corporation has the following general business credit carryovers:
2008 $ 5,000 2009 15,000 2010 6,000 2011 19,000 Total carryovers $45,000 If the general business credit generated by activities during 2012 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 2012 income tax liability? What is the amount of unused credit carried forward to 2013?
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Related Book For
South Western Federal Taxation 2013 Individual Income Taxes
ISBN: 9781133189558
36th Edition
Authors: William Hoffman, James E. Smith
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