Oak Corporation holds the following general business creditcarryovers. 2004 $30,

Question

Oak Corporation holds the following general business creditcarryovers.

2004                                                       $30,000

2005                                                          70,000

2006                                                           40,000

2007                                                          50,000

Totalcarryovers                                 $190,000

If the general business credit generated by activities during2008 equals $170,000 and the total credit allowed during thecurrent year is $320,000 (based on tax liability), what amounts ofthe current general business credit and carryovers are utilizedagainst the 2008 income tax liability? What is the amount of unusedcredit carried forward to 2009?

Explanation / Answer

170000 2008 business credit 190000 carryover ______ 360000 business credits tota 320000 allowable and used 2008 ______ 40000 carryover for 2009

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