Carlton Corporation's 2012 General Business Credit Exceeded Its 2012 Income

Carlton Corporation's 2012 general business credit exceeded its 2012 income tax liability. The resultant general business credit:

A) May be placed in a reserve account and, based on the useful lives of the related assets, applied against the income tax liabilities of subsequent year
B) May be returned to the depreciation bases of the related assets and claimed as depreciation over the useful lives of the assets
C) May be carried over for five years except that the carryover is limited to the useful lives of the related assets
D) May be carried back one year and carried forward 20 years
E) None of the above