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Oak Corporation has the following general business credit carryovers. 2012 $ 5,000 2013 $15,000 2014 $6,000 2015 $19,000 Total carrtover $45,000 If the general business
Oak Corporation has the following general business credit carryovers.
2012 $ 5,000
2013 $15,000
2014 $6,000
2015 $19,000
Total carrtover $45,000
If the general business credit generated by activities during 2016 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?
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