Question
Molly has generated general business credits over the years that have not been utilized. The amounts generated and not utilized follow: 2014 $2,500 2015 7,500
Molly has generated general business credits over the years that have not been utilized. The amounts generated and not utilized follow:
2014
$2,500
2015
7,500
2016
5,000
2017
4,000
In the current year, 2018, her business generates an additional $15,000 general business credit. In 2018, based on her tax liability before credits, she can utilize a general business credit of up to $20,000. After utilizing the carryforwards and the current year credits, how much of the general business credit generated in 2018 is available for future years?
a. $0.
b. $1,000.
c. $14,000.
d. $15,000.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started