LO.2 Oak Corporation holds the following general business credit carryovers. 2014 $ 5,000 2015 15,000 2016 6,000
Question:
LO.2 Oak Corporation holds the following general business credit carryovers.
2014 $ 5,000 2015 15,000 2016 6,000 2017 Total carryovers 19,000 $45,000 If the general business credit generated by activities during 2018 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 2018 income tax liability? What is the amount of the unused credit car- ried forward to 2019?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Essentials Of Taxation Individuals And Business Entities 2019
ISBN: 9780357233290
1st Edition
Authors: William A Raabe, James C Young
Question Posted: