Molly has generated general business credits over the years that have not been utilized.The amounts generated and not utilized follow: In the current year, 2012, her business generates an additional $30,000 general business credit.In 2012, based on her tax liability before credits, she can utilize a general business credit of up to $40,000.After utilizing the carryforwards and the current year credits, how much of the general business credit generated in 2012 is available for future years?

Question

Molly has generated general business credits over the years that have not been utilized.The amounts generated and not utilized follow:  In the current year, 2012, her business generates an additional $30,000 general business credit.In 2012, based on her tax liability before credits, she can utilize a general business credit of up to $40,000.After utilizing the carryforwards and the current year credits, how much of the general business credit generated in 2012 is available for future years?

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The Answer of Molly has generated general business credits over the years that have not been utilized.The amounts generated and not utilized follow:  In the current year, 2012, her business generates an additional $30,000 general business credit.In 2012, based on her tax liability before credits, she can utilize a general business credit of up to $40,000.After utilizing the carryforwards and the current year credits, how much of the general business credit generated in 2012 is available for future years?

Molly Has Generated General Business Credits Over the Years That