Oak Corporation holds the following general business credit carryovers. 2010 $ 5,000 2011 15,000 2012 6,000 2013
Question:
Oak Corporation holds the following general business credit carryovers.
2010 $ 5,000
2011 15,000
2012 6,000
2013 19,000
Total carryovers $45,000
If Oak’s general business credit generated by 2014 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 2014 income tax liability? What is the amount of unused credit carried forward to 2015?
Step by Step Answer:
South Western Federal Taxation 2015
ISBN: 9781305310810
38th Edition
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young