What is the amount of unused credit carried forward

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Reference no: EM131931585

Problem

Oak Corporation has the following general business credit carryovers.

2012 $ 5,000

2013 $15,000

2014 $6,000

2015 $19,000

Total carrtover $45,000

If the general business credit generated by activities during 2016 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 2016 income tax liability? What is the amount of unused credit carried forward to 2017?

Reference no: EM131931585

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