Cloud Corporation has a taxable income of $100,000 in 2011 along with a $30,000 general business credit. What is the amount of its credit carryover and the last year to which the carryover could be used?

Name: Cloud Corporation has a taxable income of $100,000 in 2011 along with a $30,000 general business credit. What is the amount of its credit carryover and the last year to which the carryover could be used?
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Question

Quizplus · Accepted Answer

$22,250 tax on $100,000 income; $30,000 - $22,250 = $7,750

Cloud Corporation Has a Taxable Income of $100,000 in 2011