Oak Corporation holds the following general business credit carryovers. 2015................................$ 5,000 2016.................................15,000 2017...................................6,000 2018.................................19,000 Total carryovers...........$45,000 If

Question:

Oak Corporation holds the following general business credit carryovers.

2015................................$ 5,000

2016.................................15,000

2017...................................6,000

2018.................................19,000

Total carryovers...........$45,000

If the general business credit generated by activities during 2019 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 2019 income tax liability? What is the amount of the unused credit carried forward to 2020?

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...

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