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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 ANSWERED

Oct 07, 2020

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