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.
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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Related Book For
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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