Palmdale Corporation has a regular tax liability of $94,000. It is eligible for a $54,000 general business

Question:

Palmdale has a regular tax liability of $94,000. It is eligible for a $54,000 general business credit for the current year and has a $30,000 general business credit carryover from the prior year. What is Palmdale's allowable general business credit for the current year? What is its credit carryover, if any, to future years?
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...