Oak Corporation holds the following general business credit carryovers. If the general business credit generated by activities

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Oak Corporation holds the following general business credit carryovers. 

2018 2019 2020 2021 Total carryovers $ 5,000 15,000 6,000 19,000 $45,000

If the general business credit generated by activities during 2022 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 2022 income tax liability? What is the amount of the unused credit carried forward to 2023?

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South Western Federal Taxation 2023 Essentials Of Taxation Individuals And Business Entities

ISBN: 9780357720103

26th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

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