Oak Corporation holds the following general business credit carryovers. 2015............................................$ 5,000 2016.............................................15,000 2017...............................................6,000 2018.............................................19,000 Total carryovers........................$45,000 If

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Oak Corporation holds the following general business credit carryovers.

2015............................................$ 5,000
2016.............................................15,000
2017...............................................6,000
2018.............................................19,000
Total carryovers........................$45,000

If Oak’s general business credit generated by 2019 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 2019 income tax liability? What is the amount of unused credit carried forward to 2020?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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2019 general business credit 36000 Total credit allowed based on tax liability 60000 Less Util...View the full answer

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