Oak Corporation holds the following general business credit carryovers. 2014..............................$ 5,000 2015..............................15,000 2016................................6,000 2017..............................19,000 Total carryovers........$45,000 If

Question:

Oak Corporation holds the following general business credit carryovers.

2014..............................$ 5,000
2015..............................15,000
2016................................6,000
2017..............................19,000
Total carryovers........$45,000

If Oak s general business credit generated by 2018 activities 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 2018 income tax liability? What is the amount of unused credit carried forward to 2019?

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...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

South-Western Federal Taxation 2019 Comprehensive

ISBN: 9781337703017

42th Edition

Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young

Question Posted: