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What is the amount of unused credit carried forward

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Problem - 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 Oak's general business credit generated by 2019 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 2019 income tax liability? What is the amount of unused credit carried forward to 2020?

Reference no: EM132659584

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