What amounts of the current general business credit and, Accounting Basics

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What amounts of the current general business credit and

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?

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Accounting Basics: What amounts of the current general business credit and

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Recent Questions Asked Accounting Basics

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Reference No:- TGS0596858

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