Oak Corporation holds the following general business credit carryovers. 2012............................... $ 5,000 2013................................ 15,000 2014.................................. 6,000 2015................................

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Oak Corporation holds the following general business credit carryovers.

2012............................... $ 5,000

2013................................ 15,000

2014.................................. 6,000

2015................................ 19,000

Total carryovers.......... $45,000

If Oak's general business credit generated by 2016 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 2016 income tax liability? What is the amount of unused credit carried forward to 2017?

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South Western Federal Taxation 2017 Comprehensive

ISBN: 9781305874169

40th Edition

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young

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