What is the amount of unused credit carried forward

Assignment Help Accounting Basics

Reference no: EM13258142

Oak Corporation holds the following general businesscredit carryovers.

2004 $30,000

2005 70,000

2006 40,000

2007 50,000

Total carryovers $190,000

If the general business credit generated by activitiesduring 2008 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?

Reference no: EM13258142

Questions Cloud

Calculate the angular velocity of the turntable : Suppose a 65 kg person stands at the edge of a 6.5 m diameter merry-go-round turntable that is mounted on frictionless bearings and has a moment of inertia of 1850 kg m2. Calculate the angular velocity of the turntable

What is the of part software : The computer that you normally use, identify which pieces constitute the hardware and which pieces constitute the system software. Now think about the ?le system of your computer. What part of the ? system is hardware, what part software, and wha..

Find the payback for investment : George Williams buys a machine for his business. The machine costs $150,000. George estimates that the machinecan produce $40,000 cash inflow per year for the next fiveyears. George's cost of capital is 10 percent. What is the payback for this inv..

Nutrition involves studying factors that influence eating : Nutrition is an ancient science that dates back to the 14th century. Nutrition involves studying the factors that influence eating patterns.

What is the amount of unused credit carried forward : What amounts of the current general business credit and carryovers are utilized against the 2008 income tax liability? What is the amount of unused credit carried forward to 2009?

Earning when open his own accounting firm : Sam quit his job as an accountant withWe Keep Books Accurately to open his own accounting firm. He earned $40,000 with the accounting firm We Keep Books Accurately. During the current year Sam had revenues of $150,000 and total expenses of $110,00..

Compute the revised annual depreciation : Compute the revised annual depreciation on each asset in 2007. Prepare the entry to record depreciation on the building in2007.

What are the major considerations and factors : What are the major considerations and factors that would be important in your decision? What technical factors would in?uence your decision?

User Account

All Pages