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

Question:

Oak holds the following general business credit carryovers.
2013 ............................... $ 5,000
2014 ............................... 15,000
2015 ................................. 6,000
2016 ............................... 19,000
Total carryovers ................ $45,000
If the general business credit generated by activities during 2017 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 2017 income tax liability? What is the amount of the unused credit carried forward to 2018?
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...