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Answered: - Michael has generated general business credits over the years
Michael ?has generated general business credits over the years that have not been utilized. The amounts generated and not utilized follow:
2010 | $3,500 |
2011 | ? 6,500 |
2012 | ? 6,000 |
2013 | ? 7,500 |
In the current year, 2014, his business generates an additional $17,000 general business credit. In 2014, based on his tax liability before credits, he can utilize a general business credit of up to $25,000. After utilizing the carryforwards and the current year credits, how much of the general business credit generated in 2014 is available for future years?
a. | $15,500. |
b. | $1,000. |
c. | $14,000. |
d. | $15,000. |
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DATE ANSWEREDOct 07, 2020
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